February 13, 2018 / 1:58 PM / a year ago

German BDI group sees "dangerous spiral" from U.S. 'reciprocal tax'

BERLIN, Feb 13 (Reuters) - Germany’s BDI industry association expressed concern about a suggestion by U.S. President Donald Trump that he would push for a ‘reciprocal tax’ against some countries that levy tariffs on American products, saying it could trigger a dangerous spiral.

“If the USA raises customs barriers, it could lead to a dangerous spiral. Instead of thinking about penalties and new trade barriers, we should further extend transatlantic trade and investment relations,” said BDI President Dieter Kempf in a statement sent to Reuters on Tuesday.

He added that the U.S. was Germany’s most important export market and fourth biggest partner for imports. (Reporting by Gernot Heller; Writing by Madeline Chambers)

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