German economy minister heads to US with trade war looming

MarketsAssociated Press

Germany's economy minister is heading to Washington with the message that American tariffs on European steel and aluminum could prompt a trade war, which would be in nobody's interest.

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Before leaving Sunday, Economy Minister Peter Altmaier told ARD television he wanted to prevent a "spiral" of measures and countermeasures.

He says "I don't want a trade war to develop between Europe and the USA."

The European Union has already published a list of American products it plans to tax if it is not exempted from the tariffs announced by President Donald Trump.

The EU says it follows fair trade practices and the problem is with China's overproduction.

Altmaier said Germany and the U.S. should both be able to produce steel competitively without others selling it at "dumping prices."