US, EU must quickly develop ways to cut trade barriers: Germany Minister Altmaier

The United States and the European Union must quickly flesh out their aim of cutting trade barriers, German Economy Minister Peter Altmaier said ahead of an EU trade meeting on Friday.

U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed in July to hold back on threatened 25-per cent car tariffs while the United States and Europe talked about cutting other trade barriers.

But U.S. officials have grown frustrated at the slow pace of progress. Altmaier also pressed for results.

"We have a strong interest in the swift implementation of the joint statement by President Juncker and President Trump," he said in a statement. "Reducing - not increasing - duties and trade restrictions must be the goal!"

(With inputs from agencies.)