German Chancellor Angela Merkel has announced the resumption of EU and US negotiations on a Free Trade Agreement that was postponed after Donald Trump became the US president.
Negotiations stopped after President Trump was elected
"I am in favor of resuming negotiations on such a free trade accord and to jointly solve all the problems," the conservative chancellor said at the economic forum organized by its Christian-Democratic Union (CDU). US Trade Minister Wilbur Ross, who has canceled attendance at the forum, addressed video commentators, reiterating US willingness to protect themselves from the "dumping practices" the country is suspected of, in particular, steel and aluminum.
Wilbur Ross said at the end of May that he was open to continuing the TTIP negotiations (Transatlantic Trade and Investment Partnership).
"It would be reasonable to continue the TTIP negotiations and work on a solution that will generally increase our exchange, reducing our trade deficit," he said. The TTIP negotiations were started in 2013, with the main goal being establishing a large free trade space on both sides of the Atlantic, have suddenly been interrupted by the election of Donald Trump, whose economic program is strongly marked by protectionism.
The Trump administration who announced war on trade deficits now thinks that agreement would allow it to reduce the imbalance with the EU, particularly with Germany, by opening more markets to US companies.
Germany, which has a record trade surplus, is the target of a new American administration accusing it of unfair competition.
Trump loves rich ministers
President Donald Trump said he would rather see a rich man as a person in charge of the economy, reports DPA, adding that Trump defended the fact that his cabinet is considered to be the richest in the country's history.
"Someone asked me why I asked the rich people to be in charge of the economy, so I answered that this is a desirable way of thinking because they represent the country," Trump told his supporters at the Iowa summit.
In particular, alluding to the minister of trade Wilburn Ross, a billionaire, and a former investor, Trump added, "They do not want the money, and they had to give up much to take over these jobs," Trump said.
"These are all great people, brilliant business minds, and that's what we need, that's what we have to have, so that our world can not exploit it, and we can not allow it anymore, and I love all the rich and poor people, but in those positions I would not want to have a poor person. Does that make sense to you? "Trump asked.
Other wealthy appointed officials are Finance Minister Steven Munchin, former hedge fund manager and Housing Minister Ben Carson, who enriched by selling books on his medical career and his political ideas.
