Germany Urges Washington for “Serious” Negotiations and Warns of Tariff Impacts on the Global Economy
Finance Minister Lars Klingbeil called on the United States on Wednesday, July 16, to enter into “serious” negotiations with the European Union to resolve the ongoing trade dispute, without resorting to provocation or threats.
Following a meeting with his French counterpart, Éric Lombard, in Genshagen near Berlin, Klingbeil emphasized that Europe is committed to reaching a fair agreement but is also prepared to take strong countermeasures to protect European jobs and businesses, stating, “Our hand is still extended, but we will not accept everything.”
The German minister criticized American protectionist policies, arguing that “the tariffs imposed by Trump benefit no one,” due to their negative effects on both the American and European economies.
This position comes in the wake of President Donald Trump’s announcement of a 30% tariff on European imports starting August 1, despite his claims of progress in talks with the EU. In response, Brussels is considering similar tariff measures if the U.S. sanctions are implemented.
Additionally, Klingbeil reiterated his support for a global minimum tax on large corporations, according to an agreement led by the Organisation for Economic Co-operation and Development, which has the backing of around 140 countries. The agreement stipulates a minimum tax rate of 15% on multinational companies with revenue exceeding €750 million, regardless of where profits are made.
The German minister is expected to travel to South Africa today to participate in the G20 Finance Ministers’ meeting, where U.S. tariff policy will be discussed on the sidelines.
