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Contributions by Dr Jörg Zeuner, Chief Economist of KfW

(Partly only available in German)

Current comments

13-06-2018 | US Trade Policy

"The American trade philosophy is simple: Goods from abroad against domestic goods. In this way, jobs in the US manufacturing industry are to be retained. However, this approach falls short, as our paper shows. Europe has to handle this new situation. First and foremost we should further simplify trade with our main partners in Asia and the Americas in order to continue to grow together. With regards to China, this means above all simplifying foreign direct investments and ensuring fair access to markets and knowledge transfer in both directions. Germany is one of the most open economies in the world and is therefore rightly pushing free trade. Tariffs are definitely the wrong way to balance trade flows. I understand that Europe is taking counter-measures against illegal practices carried out by the USA. More importantly, however, Europe has to finally reach an agreement, define common objectives and a common economic policy. There are more than enough common interests. In its economic and financial policy, Germany should pay close attention to ensuring that its economic relations within Europe are well-balanced and that the European economies can converge. We should be aware that a common European position with regard to the trade dispute with the USA is particularly useful and protective for Germany due to its high export share.“ (Dr Jörg Zeuner)

 Kredite an nicht-finanzielle Kapitalgesellschaften
Chief Economist of KfW Dr Jörg Zeuner

Further comments


KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,


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