“Uncertainties for further development stem from growing protectionist tendencies and international trade conflicts. They harm everyone involved. We, therefore, have a great interest in swiftly implementing the joint statement by [European Commission] President [Jean-Claude] Juncker and [US] President [Donald] Trump on the settlement of the trade dispute between the United States and the European Union,” the minister said, as quoted in a press release.
The forecast saw GDP growth estimates for 2018 slashed from 2.3 percent expected in the spring to 1.8 percent, while the GDP growth forecast for 2019 was downgraded from 2.1 percent in the spring estimate to 1.8 percent in the latest forecast.
Nevertheless, Altmaier pointed out that the German economy remained on the upturn and would enter its tenth year of economic recovery in 2019.
According to the press release, Berlin is expecting “relatively moderate growth” for German exports of goods and services as the global economy is likely to slightly lose the growth momentum.
Juncker and Trump issued a joint statement in July after the European Commission president’s visit to Washington. The two agreed to work toward dismantling or reducing tariff barriers in several industries.
However, US tariffs on imports of aluminum and steel from the European Union imposed in the spring remained in place. The European Union’s retaliatory tariffs on about 180 types of US imports went into effect in June.