International
German leader Merkel proffers EU solution to cushion effect of new US tariffs
German Chancellor Angela Merkel has proferred a solution to cushion the effect of the imposition of new tariffs by President Donald Trump on the importation of steel and aluminum which has sparked outrage by allies of the United States of America.
In an extensive newspaper interview on Sunday, the German chancellor touched on reform of the euro zone as well as defence and asylum policy.
Merkel offered clarity about Germany’s stance on a number of key issues as she backed the idea of turning the euro zone’s ESM bailout mechanism into a European Monetary Fund (EMF) that could offer short-term loans for countries suffering economic stress.
She also said the EMF should be able to assess the debt sustainability of member states and “the instruments needed to restore this if necessary” – a nod to debt restructuring, which France opposes.
Read Also: US team in North Korea to prepare for proposed summit, Trump says
Merkel backed the step-by-step introduction of a euro zone investment budget in the low double-digit billions of euros, saying this could be housed within the EU budget or outside.
Reports say a major trading war is brewing between the US and its closets allies after the imposition of new tariffs which could see U.S. consumers pay more for everything from canned soup to cars.
The new tariff elicited a firm approach from Canadian Prime Minister Justin Trudeau, who denounced the punitive tariffs as “totally unacceptable” and “an affront,” saying that the very idea that Canada could be considered a national security threat to the United States is “inconceivable.”
RipplesNigeria… without borders, without fears
Click here to join the Ripples Nigeria WhatsApp group for latest updates.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...