“I’m betting partly on reason and partly on the courts” to prevent a damaging trade war, Zypries told Deutschlandfunk public radio on Friday. The warning came as Republicans in Congress are pushing for a major shake-up of the US corporate tax system that would include a new “border adjustment” system. It would see US imports subject to a tax of reportedly 20 percent and export revenues exempted. Germany hard hitIn 2016, the United States was Germany’s biggest export customer, importing 107 billion euros ($115 billion) of goods while selling back just 58 billion euros’ worth. But Berlin has repeatedly said that German products were simply better and that the US should focus on producing more competitive manufacturers.

Source: Daily News Egypt March 17, 2017 21:22 UTC