April 12, 2019 / 5:01 PM / 5 months ago

Germany's Scholz: Protectionism is not the answer

BERLIN, April 12 (Reuters) - The rules-based order of multilateralism is increasingly under threat and leaders must uphold cooperation, German Finance Minister Olaf Scholz said in Washington on Friday, calling on Washington to overcome trade differences with Europe.

Speaking at the sidelines of the IMF spring meetings, Scholz said both the United States and the EU had been advocates of open and fair trade for decades.

“I believe this is a matter of principle, it’s not just about achieving some short-term economic gain. It’s not about the art of the deal,” Scholz said in reference to U.S. President Donald Trump.

“Protectionism is not the answer. Neither should we consider side-deals that will undermine our international economic framework,” Scholz added. (Reporting by Michael Nienaber,)

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