Merkel Says Weak Euro Isn`t Her `Problem` in Stand Against Trump

by Dramelin 6:00 AM 0 comments

Too many Mercedes on Fifth Avenue? Not really, Merkel saysGerman Chancellor Angela Merkel said the euro has a ?valuation problem? that?s beyond her control and questioned U.S. President Donald Trump?s suggestion that there are too many German cars on New York?s Fifth Avenue. Peter Navarro, the head of Trump? s National Trade Council, this month blasted Germany for benefiting from a ?grossly undervalued? single currency. While the euro?s exchange rate contributes Germany?s trade surplus, Merkel said that?s due to the European Central Bank?s need to set monetary policy that responds to disparate economic performances across a 19-nation region. ?If you look around in this room at how many iPhones and Apples there are, then the vice president can be absolutely happy ?- and Fifth Avenue is still not exactly overflowing with German cars,? Merkel said.