US slams Germany calling the euro an 'implicit Deutsche Mark'

US President Donald Trump's chief trade adviser has accused Germany of using the euro to "exploit other countries in the EU as well as the US".

Peter Navarro, the head of Trump's new National Trade Council called the euro an "implicit Deutsche Mark" and opined that it is "grossly undervalued" in the pages of the Financial Times.

He added that Germany was one of the main obstacles to the US reaching a trade deal with the EU.

Navarro's comments sent the euro to an eight-week high against the dollar.

German chancellor Angela Merkel quickly responded in Stockholm.

"Germany is a country that has always called the European Central Bank to pursue an independent policy, just as the Bundesbank did that before the euro existed.

"Because of that we will not influence the behaviour of the ECB. And as a result, I cannot and do not want to change the situation as it is."


More in this Section

Watch: Boss walks off camera to avoid question about £75m bonus

Authentic Food Group firm employing 169 in Dundalk is to close

That's nice.....Brendan O'Carroll receives dividends of €4.2m in past three years

Ex-Lib Dem leader Nick Clegg lands top role with Facebook


Breaking Stories

A tempting taste of what is on offer in Dingle

Too much information? Lindsay Woods on 'sharenting'

Graham Norton: ‘If it was hard work I couldn’t do it’

Saying yes to the dress: Behind the scenes at the royal wedding

More From The Irish Examiner