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UPDATE 1-Germany denies report US threatening to stop regulation cooperation
June 30, 2017 / 4:12 PM / 5 months ago

UPDATE 1-Germany denies report US threatening to stop regulation cooperation

(Adds German government, European Commission spokesman)

BERLIN, June 30 (Reuters) - The German government on Friday denied a media report which said the United States had signalled it could discontinue multilateral cooperation on financial market regulation and tax havens ahead of a G20 summit in Germany next week.

“Reports that the federal government had indications that the administration of President Donald Trump could terminate cooperation in the fight against tax havens and tax dumping and withdraw from the agreements on better regulation and control of financial markets are not correct,” a government spokeswoman said in a statement.

The German magazine Der Spiegel reported, without citing its sources, that the U.S. administration had signalled it could discontinue multilateral cooperation on financial market regulation and tax havens.

The magazine also said that Washington was threatening to slap tariffs on dozens of European products if Europe did not open its market to U.S. hormone-fed meat.

G20 countries began coordinating on financial regulation and tax matters after the global financial crisis of 2008/9.

Separately, officials confirmed to Reuters that German Chancellor Angela Merkel had sent her top economic adviser Lars-Hendrik Roeller to Washington for talks on Friday with U.S. officials.

The trip amounts to a last-ditch bid to overcome differences on trade and climate change ahead of the G20 summit in Hamburg, which will be held on July 7-8.

Merkel acknowledged in a speech in the German lower house of parliament that there were stubborn differences with the Trump administration on trade and climate.

Trump announced earlier this month that he would pull the United States out of a landmark international agreement to fight climate change. His administration is also threatening punitive trade measures on steel ahead of the G20 summit.

In Brussels, a European Commission spokesman said regarding the dispute about U.S. hormone-fed meat and possible U.S. tariffs on European products that this was an ongoing internal U.S. review that U.S. authorities were formally obliged to carry out after receiving a request from the industry.

“We take the issue very seriously and are committed to find an acceptable solution,” the spokesman said, adding Brussels was in contact with the U.S. administration on the issue.

“The U.S. industry for its part has made clear it does not favour sanctions but a negotiated outcome,” he added. (Reporting by Noah Barkin, Andreas Rinke and Phil Blenkinsop; Writing by Michael Nienaber; editing by Ralph Boulton; Editing by Gareth Jones)

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