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German industry association criticizes Trump's new tariff on Chinese imports

(Xinhua)    11:00, August 05, 2019

BERLIN, Aug. 3 -- The German industry association BDI has criticized the new U.S. tariff on Chinese imports as "worrying" for the entire global economy.

"It is worrying how the U.S. government is going to take the risks of a global recession," German media dpa Saturday cited the German association as saying, adding that the U.S. government continued to fuel the conflict with China.

U.S. President Donald Trump tweeted on Thursday that he will place an additional 10 percent tariffs on the remaining 300 billion U.S. dollars worth of Chinese imports starting on Sept. 1.

Stefan Mair, member of the BDI executive board, said on Friday the continued rotation of the tariff spiral is not only detrimental to the two countries, but also to the German industry and the entire global economy.

The trade conflict between the U.S. and China is hurting economies around the world. In the end, there will only be losers, BDI said in a statement earlier this week.

German media reported that Trump's announcement has dramatically shaken German stock market, which plunged more than 3 percent on Friday, slipping below the psychologically important mark of 12,000 points.

Some investment strategists said that Trump's decision will only serve to create additional downward pressure on business confidence.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Xian Jiangnan, Bianji)

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