BERLIN (Reuters) - Deals agreed at the G20 summit in Argentina offer export-dependent German industry some "breathing room", though rising protectionism continues to pose a risk, the head of Germany's Chambers of Commerce (DIHK) said on Sunday.
The G20 nations also backed an overhaul of the World Trade Organization (WTO), marking a victory for U.S. President Donald Trump, a vocal critic of the organisation that regulates international trade disputes.
However, he cautioned that significant challenges remain.
"The G20 summit offered German industry some breathing room," he said in a statement. "But rising protectionism is not off the table. The differences between the United States and China, in particular, are too great."
"It is always better to speak with one another than to torment one another with new tariffs and trade barriers," he added.
They hope to stave off punitive tariffs but will make clear that they cannot negotiate on behalf of the European Union.
Trump, angered by what he sees as an unfair trade imbalance in the sector, has threatened to impose tariffs on EU-assembled vehicles in a move that could upend the industry's business model for selling cars in the United States.
(Reporting by Andrea Shalal; Editing by David Goodman)
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