German minister confident of 'sensible' US trade compromise

MarketsAssociated Press

Germany's economy minister says he is confident that Europe and the United States can reach a "sensible compromise" by summer to resolve tensions over trade.

Continue Reading Below

President Donald Trump's administration has granted the European Union an exemption from punitive tariffs on steel and aluminum imports, but only until May 1. Several European leaders have criticized the little time that leaves for talks.

German weekly Der Spiegel on Saturday quoted Economy Minister Peter Altmaier as saying that the EU and U.S. want to act together to counter the overcapacity in the global steel market that originated in China.

Altmaier says they are seeking agreement on how to combat dumping prices and the theft of intellectual property.

He said: "We want to find solutions that are compatible with international trade rules."