German Finance Minister urges US to remain engaged in global economy
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WASHINGTON: German Finance Minister Wolfgang Schaeuble issued a plea to the United States to remain engaged in the global economy and not to try to score gains at the expense of other countries.
He also repeated a rejection of charges from Trump administration officials that Germany's trade surplus is a sign of unfair policies imposed in Berlin.
"All of us have benefited greatly" from global integration and trade in recent decades, and Washington has been a leader in the process, the official said in a speech ahead of this week's semi-annual meetings of the International Monetary Fund and World Bank.
The Trump administration's antagonistic protectionist rhetoric has created a tense atmosphere at the usually staid meetings of the IMF membership, and drawn a growing chorus from officials defending the global trading system, while acknowledging that some segments of society have not seen its benefits and have borne an unfair share of the costs.
"Surely it's in America's own interest to ensure security and economic stability" in its trade partners, Schaeuble said.
And while he said it is legitimate for a government to look out for its own interests, he warned Washington that "peace and prosperity in one country cannot come at the cost of peace and prosperity in another country." (APP)
