Germany's Merz backs EU-led trade alliance beyond WTO, citing Chinese pressure
SPY•Merz supports EU trade alliance beyond WTO
Sept. 15 (Reuters) - German Chancellor Friedrich Merz said on Tuesday that he supports an EU proposal for a trade alliance that goes beyond the World Trade Organisation (WTO), with a strong role for the EU.
Merz pointed to recent EU trade agreements with the MERCOSUR trade bloc, Mexico and Australia as evidence that the bloc was broadening its network of trading partners.
He said China was exerting "massive pressure" on European companies through industrial overcapacity and an undervalued currency, while new U.S. tariff rules had significantly reduced cooperation and trade.
