Trans-Atlantic Mood Sours as Merkel Refutes Trump on Euro
- Navarro in FT blasts Germany for exploiting ‘undervalued’ euro
- EU’s Tusk says U.S. is ‘worrying’ source of unpredictability
Merkel Rejects Trump's Accusations on Euro
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Chancellor Angela Merkel rejected an accusation by President Donald Trump’s top trade adviser that Germany is gaming foreign-exchange markets as European leaders grapple with the new U.S. administration.
Peter Navarro, the head of the White House National Trade Council, told the Financial Times that Germany’s excessive surplus is a sign of a “grossly undervalued” currency. Merkel pushed back, saying the exchange rate was the province of the European Central Bank and that the German government has long upheld the ECB’s independence.