US and Europe must keep partnership strong, says US Treasury official

US and Europe must keep partnership strong, says US Treasury official

US Treasury
Seal of the US Treasury building in Washington, DC. (File photo: AFP/Paul J Richards)

BERLIN: The United States and Germany should strengthen cooperation on issues such as improving international taxation, fighting money laundering and tackling the challenges posed by China's economic rise, a senior US Treasury official said on Wednesday (Jun 12).

"We must keep this partnership strong," US Deputy Secretary of Treasury Justin Muzinich told a Berlin conference organised by a German think tank that advocates close ties between Europe and the US.

Muzinich said a growing number of countries realised that China's practices of technology transfer and market distortion were damaging, adding he hoped to see broad support from Germany and Europe for the US approach to changing China's behaviour.

The US administration has threatened higher import tariffs on European cars, complicating joint efforts to tackle a more assertive China. Asked about the car tariffs threat, Muzinich said experts were working on the issue and he hoped a good solution would be reached.

Source: Reuters/jt

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