March 18, 2019 / 12:31 PM / in a month

Trade conflicts damaging world economy: German finance minister

FILE PHOTO: German Finance Minister Olaf Scholz attends a press conference after the federal cabinet meeting in Potsdam, Germany November 15, 2018. REUTERS/Axel Schmidt

BERLIN (Reuters) - Trade conflicts are damaging the global economy and Europe must speak with one voice to maximize its bargaining power, German Finance Minister Olaf Scholz said on Monday.

“Trade conflicts, as we have seen over the last months – especially between richer countries only thinking of their own (short-term) interest – are damaging the world economy,” Scholz said in speech at a ‘World Policy Forum’ conference in Berlin.

“Trade policy has been an EU-level responsibility for a long time. It is obvious that we have much more bargaining power if we speak with one European voice,” Scholz added. “Only together we are able to set and enforce standards of fair trade.”

Writing by Paul Carrel; Editing by Madeline Chambers

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