Trump tariffs will harm US economy: Scholz

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Transcript

00:00I consider the latest customs decisions of the US President to be fundamentally wrong.

00:06This is an attack on a trade order that has created prosperity all over the globe.

00:14A trade order that is essentially the result of American efforts.

00:20The entire world economy will suffer under these unforeseen decisions.

00:25Companies like consumers all over the world, including in the USA.

00:31It is obvious that even if Europe did nothing,

00:35there would be economic difficulties in the United States.

00:39Higher import prices for the United States of America are the problem.

00:45The industrial development of the USA is hindered by the self-determined customs

00:51and the export ability of the USA is brought into difficulties by the US-determined customs.

00:59These are all economic lessons that can be read for 100 years

01:04in all the international knowledge about such customs conflicts.