BERLIN (Reuters) – North america runs a considerable account surplus with Europe if services are in the total, German Chancellor Angela Merkel said on Tuesday, adding that existing international trade accounting systems should be updated.
President Mr . trump has repeatedly hated large trade deficits the United States runs with many different countries, in particular with manufacturing export powerhouse Germany, and features threatened Europe with punitive tariffs in reply.
"Trade surpluses are calculated in the relatively old-fashioned way nowadays," she told bavarian motor works commercial of businessmen in Berlin. "If services are part of the trade balance, next the U.S. runs a huge surplus with Europe. Plus the share of services will grow."
She was speaking a short time after disputes over trade led to the annual G7 summit of your world's largest developed economies ending in disarray.