German union “resolutely opposed” to EU-US trade deal

Bonn, Germany – German trade union the IGBCE has strongly criticised the recent trade agreement between the EU and the US: highlighting its potential damaging impact on European industry.

The customs compromise between the EU and US president Trump is more about “damage-limitation than a strategic reorganisation of trade relations,” said IGBCE chairman Michael Vassiliadis.

Describing current Washington trade policy “as incomprehensible” even for US people, Vassiliadis said no one In the EU “can be happy with this result, only less unhappy.”

And while the deal offers some possible stability, the IGBCE leader warned that tripling the basic tariff will burden industry with negative effect impacts and job losses on both sides of the Atlantic.

Vassiliadis was also critical of the EU's pledge to invest $600 billion in the US, instead of using such funds to transform and modernise Europe's industry.

Europe is “already in the pincer grip of weak sales, high energy and CO2 costs and dumping imports from China, he said. “The deal with the USA will make the turnaround even more difficult.

“We will resolutely oppose any investment measure that ultimately leads to a migration of capacities to the USA."