Germany’s Merkel: The US trade war may lead to a global financial crisis

Germany’s Chancellor Merkel was reported by Reuters earlier today, as she expressed her concerns over the negative implications of the US trade war with rest of the world.

Key Points:

A trade war between the US and the rest of the world may lead to a global financial crisis.

The US tariffs on cars from Europe would prove "much more serious" than the duties imposed on steel and aluminium.

"The international financial crisis, which ensured that we now act in the framework of the G-20, would never have been resolved so quickly, despite the pain, if we hadn't cooperated in a multilateral fashion in the spirit of comradeship"

"This has to happen."