Diplomatic Clash of the Titans. What’s in It For EUR/USD Trading?

Post White House meeting, on Friday, both Angela Merkel and Donald Trump sidestepped their differences, the Boston Globe reports.

When told that the general perception in Europe regarding his policy of “America First” in Europe is that of isolationism, Trump stepped back by saying ” I don’t believe in isolationist policy” and qualified that as”fake news”.

Among other topics revolving around the fight against terrorism, NATO and the Islamic State, management of the situation in Ukraine, needing a close cooperation between the two countries, and where the two leaders had divergent opinions, with Trump accusing Merkel for opening Germany’s borders to Syrian refugees to the country and to Europe.

On other hot topics that seem to be equally troublesome for the whole of Europe right now like the Brexit, the American state leader  welcomed the UK’s move, while shedding positive light on the economic relations between the US and Germany, which he expects to run “fantastically well” from now on, the publication reports.

Merkel was more delicate and milder in her statements by saying that she and Donald Trump had very little time to discuss economic policies and trade-related issues. She adopted a more conciliatory approach, by saying that while she represents German interests, Trump stands for the US, “as is right”, while they were both trying to find a consensus in the areas they seem to disagree on and “bring people together”.

Despite his positive view on US trade relations with Germany alone, Trump was critical about foreign trade overall and national security agreements, however, he did give the reporters to understand that he was attempting to revise the trade deals to better serve the interests of the country rather than turn it into a commercially
isolated island from the rest of the world. Trade agreements triggered greater trade deficits, he said. According to the Commerce Department’s report, the US’s trade deficit with Germany last year amounted to $64.9 billion, the lowest level since 2009.

Key quotes

‘‘The negotiators for Germany have done a far better job than the negotiators for the United States, but hopefully we can even it out. We don’t want victory, we want fairness.’’

“‘That is the spirit I think in which we ought to be guided in negotiating any agreement between the United States of America and the EU.’’

Conclusion

Politics rule economy as always. What’s in it for EUR/USD trading? Time and trade will tell.

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