Peter Altmaier, the German Federal Minister for Economic Affairs and Energy, believes that the consequences of the global economic war will be catastrophic, reported Deutsche Welle (DW).
“This trade war slows down and hinders economic growth and generates new uncertainty,” Altmaier told Bild am Sonntag newspaper of Germany.
Moreover, as per the German official, consumers will suffer first of all from the price hikes of goods due to this trade war.
In his words, politicians “have no right to jeopardize the jobs of steel masters, car manufacturers, and aluminum molders.”
Instead, the German official is confident that lower customs duties need to be set in international trade, and a fight needs to be waged against corruption.