Chancellor Angela Merkel said the U.S. runs a trade surplus with Europe when services are included, marshaling a rebuff to President Donald Trump’s sustained criticism of German manufacturing exports.
Merkel speaks at the Christian Democratic Union business conference.
“Trade surpluses are still calculated in a pretty old-fashioned way, based only on goods,” Merkel told a business conference of her Christian Democratic Union party on Tuesday evening.
According to the Census Bureau, the European Union had a $101 billion trade surplus in goods and services with the U.S. last year and a $30.3 billion surplus in the first quarter of 2018.
The warning reflects Merkel’s growing sense of urgency about resolving intra-EU policy clashes, including over migration and the euro area, so Europe can stand up to a U.S. administration that’s picking fights with its partners.