Massive uncertainty in the economy
Following Donald Trump’s victory in the US presidential election, BDI President Ulrich Grillo is calling for an end to the isolationist rhetoric of the election campaign. “There is massive uncertainty in the economy. Donald Trump would be well advised not to wall off the US economy from the rest of the world. Otherwise, the lack of clarity about future developments will have a strong negative impact on the global economy,” said Grillo on Wednesday in Berlin.
Grillo regards it as essential that the US maintains its global commitments that are based on existing agreements, institutions and alliances. “The US is one of Europe’s most important partners in shaping globalisation, stimulating the global economy and tackling geopolitical crises,” underlined the BDI President. Despite the major internal and social political challenges currently facing the US, the country must honour its responsibilities as a global leader.
“Donald Trump made very sceptical comments about free trade during the election campaign. The United States must continue to support open markets. Everything else would be poison for the economy,” said Grillo, adding that US companies rely on the technology and intermediate products from other markets.
“German industry will continue to work towards a fair TTIP with good regulations for both sides,” said the BDI president. The transatlantic economic relations are extremely important for German companies. The US is the biggest market in the world for products from Germany. Furthermore, almost 5,000 German companies are represented in the US.
Grillo rejected the statements made by Trump during the election campaign: “Stirring up populist sentiment by playing on people’s fears only produces pseudo-solutions and does enormous damage to the people and the economy.”