The chief economist of Berenberg Bank told DW Business that a trade war between the United states and China has become "a clear and present danger" for the world economy after Donald Trump's victory.
German Chancellor Angela Merkel has rebuked the "America First" approach to free trade of US President Donald Trump. Meeting in Brussels, European and Asian leaders have pledged to create "win-win" situations.
'Global Partners for Global Challenges' is the theme of the two-day summit in Brussels. Ministers from China, Japan and Russia have made the trip to reaffirm support for multilateral cooperation.
A 144-year-old postal treaty has become the latest battleground in the Trump administration's escalating trade war with China. Washington claims the UN treaty benefits China and other countries at the expense of the US.
The comments targeting the trans-Atlantic relationship come as US-EU trade negotiations are in an early stage. In July, the two sides agreed to de-escalate a brewing trade fight.
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