U.S. President Donald Trump's tariffs threaten the American economy at least as much the European one, German Finance Minister Lars Klingbeil said on Wednesday, calling for a "fair deal" with the Americans.

President Donald Trump and his supporters point to encouraging economic indicators to argue that concerns about his tariffs are overblown. Skeptics, however, say it’s too soon to declare that all’s well.

As recently as April, the markets gyrated in response to Trump's tariff announcements. When Trump unveiled sweeping "Liberation Day" tariffs on April 2, the major stock indexes lost about $3.1 trillion in value the next day,