(Thomas Escritt & Michelle Martin – Reuters)
Germany and China signed a raft of commercial accords worth some 20 billion euros ($23.5 billion) on Monday, with their leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the United States.
The deals, involving German industrial giants including Siemens, Volkswagen and BASF, come with the two leading exporting powerhouses being forced into an unlikely alliance in defense of the open global trade on which both their economies depend.
Speaking at a news conference alongside Chinese Premier Li Keqiang, Chancellor Angela Merkel said: “We both want to sustain the system of World Trade Organization rules.”
Li stressed the need to fight protectionism, saying China needed a stable and peaceful framework so it could develop further, and that was only possible with free trade: “We are against unilateralism – we are in favor of free trade.” Click here to read more.
- BMW’s Electric Minis to be Built in China as German Firms Sign Raft of Deals (The National)
- European Exporters Shift Trade to Avoid Higher U.S. Tariffs (Associated Press)