German Politician Expects US to Postpone Tariffs

News, July 13th, a senior German political figure said on Sunday that after U.S. President Trump threatened to increase tariffs on the European Union, escalating the trade war, the EU and Washington may further negotiate to postpone the tariff increase.

「The poker game of negotiation between the EU and the U.S. is entering a decisive stage,」 said Juergen Hardt, deputy leader of the conservative CDU/CSU parliamentary group in Germany. 「I bet that at least a partial agreement will be reached by August 1st and further postponed. After all, high tariffs must be paid by American citizens and companies, leading to price increases and inflation in the U.S.」

Hardt said Europe must persuade Trump not to "mistakenly believe" that the U.S. trade deficit is caused by EU protectionist measures. He said that due to the dominance of the IT industry, the U.S. has a surplus in the services sector, which to a large extent offsets the trade deficit. (Jinse Finance)