Chancellor Angela Merkel said the U.S. runs a trade surplus with Europe when services are included, marshaling a rebuff to President Donald Trump’s sustained criticism of German manufacturing exports.
In a speech in Berlin, Merkel said the topic was discussed at last week’s tumultuous Group of Seven summit, where a U.S.-Canadian trade dispute caused Trump to renege on his support for the leaders’ concluding statement.
“Trade surpluses are still calculated in a pretty old-fashioned way, based only on goods,” Merkel told a business conference of her Christian Democratic Union party on Tuesday evening. “But if you include services in the trade balance, the U.S. has big surplus with Europe.” …
Read more : Bloomberg, 12.06.2018