In one and a half weeks Wolfgang Schäuble leaves office as Finance minister. Now he has used his last international appearance to warn against protectionism.
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The slow growth of global trade and increasing “rhetoric against free trade” are a cause for concern, said Schäuble at annual meeting of International Monetary Fund (IMF) and World Bank in Washington. These are “threats to our common economic well-being.”
Even if he did not name names, Schäuble, with his warnings, obviously referred to course of US president Donald Trump, among or things. Under his motto “America First”, Trump has sharply criticised various international trade agreements and has already denounced Pacific FTA. He also threatened foreign companies with punitive duties and taxes.
In his speech to IMF Steering Committee (IMFC), Schäuble stressed that Germany would continue to “oppose protectionism in all its forms” and commit itself to global economic and financial cooperation. Protectionist measures would only harm growth as well as “those who claim to protect m.”
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World trade has helped millions of people out of poverty and created stability and prosperity around globe, said Schäuble. He also spoke of downside of globalization. States would have to take effective measures to protect those people who would suffer from economic structural change and intensified international competition.
After eight years as federal finance minister, Schäuble will soon be out of office. He will be elected president of Bundestag on 24 October.
