The sales advisor Trump says Germany uses the euro, “extremely undervalued” – Investing.com Spain

By Jamie McGeever

LONDON (Reuters) – The chief trade adviser of the president, Donald Trump accused Germany of using a euro “extremely undervalued” to gain competitive advantages, which resulted in a rejection of chancellor Angela Merkel and took the currency to a maximum of eight weeks against the dollar.

Peter Navarro, director of the new National Council of Trade Trump, told the newspaper Financial Times that the euro is like a “German mark implied”, whose low quote gives Germany a competitive advantage over the united States and its european partners.

The euro rose after the news to a maximum of eight weeks against the dollar at 1.08 usd, away from the lowest level in 14 years that he played at the beginning of this month, to 1,0339 dollars. In the previous three years had declined by nearly 25 percent.

“Germany is a country that has always urged the European Central Bank to carry out an independent policy, as did the Bundesbank before the advent of the euro,” Merkel said at a conference in Stockholm alongside Swedish prime minister, Stefan Lofven.

“Because that’s not influiremos in the performance of the ECB. And as a result, I can not and do not want to change the situation as it is”, he added.

A spokesman for the German Finance ministry said it was unfair to point to the current surplus German because it is just one of 19 countries that form the euro zone, adding: “After all, nobody argues about the current state of the accounts of California”.

The promises to Trump tax cuts, spending plans and tax hikes of interest rates in the united States have boosted the dollar at the global level. But a hard currency threat the american competitiveness and hinders the return of jobs in manufacturing in the country, one of the main cards election of the president.

Navarro, a prominent critic of China and author of a book entitled “Death by China” (“China: conflict to the view”) has indicated that Germany is one of the main stumbling blocks to a trade agreement between the united States and the EU and that the talks on the Transatlantic Partnership of Trade and Investment (ATCI) are dead, said the newspaper.

“A big obstacle to see the ATCI as a bilateral agreement is Germany, which continues to exploit other countries in the EU, like the united States, with a ‘German mark implied’ that it is extremely undervalued,” said Navarro at the FT.

legal Notice: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.