NAH-F-29
Shock waves
Berlin, Nov. 9, 2016 (dpa/NAN) Donald Trump’s victory in the U.S. presidential election, has sent shock waves across German business sector.
Ulrich Grillo, Head of the Influential Federation of Germany Industries (BDI) warned the president-elect not to cut off his nation from the rest of the world.
“The sense of uncertainty in industry is enormous.
“Trump is well advised not to block the U.S. economy from the world, otherwise the uncertainty about the U.S. future course will result in considerable negative effects for the global economy,” Grillo said.
Martin Wansleben, the Chief Executive of the Association of German Chambers of Industry and Commerce (DIHK) said “no one knows what is going to happen in the coming months.
“The uncertainty is considerable among German companies,” Wansleben said, echoing Grillo’s comments.
He said about 5,000 German businesses are active in the U.S.
“They are now hoping that international cooperation will not be placed at risk by the new U.S. government,’’ Wansleben said.
German business had been at the forefront of moves to forge a new free trade deal between the U.S. and the European Union (TTIP).
However, Trump had blamed global trade agreements for loss of jobs in the U.S.
Grillo said that during the election campaigns, Trump took a `skeptical stance’ on free trade.
He called on the U.S. to stay, focused on open markets, adding that “everything else would be poison for the U.S. economy.
“German industry will continue to work for a fair TTIP, which includes good rules for both sides,” the BDI chief said.
“World trade organisations, free trade and climate agreements were all central themes for internationally focused German companies.
“For the German economy, the U.S. is a key trading partner:
“In Germany, this means that almost one million jobs are dependent on exports to the U.S.,” Wansleben said. (Reuters/NAN)
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Edited by Celine Oyewole/Archibong Asuquo