Latest news with #SueddeutscheZeitung
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
EU must be ready for decisive action over US tariffs, says Germany
Germany is a major exporter to the US, where it sells vehicles, automotive components, machinery and pharmaceuticals. (EPA Images pic) BERLIN : German finance minister Lars Klingbeil said on Sunday the EU must take 'decisive' measures against the US if tariff negotiations fail to cool an escalating global trade war. President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the EU starting on Aug 1, after weeks of negotiations with the major US trading partners failed to reach a comprehensive trade deal. The threat has prompted a robust response from German politicians and business leaders. 'If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe,' Klingbeil, who is also vice chancellor in Germany's ruling coalition, told German newspaper Sueddeutsche Zeitung. 'Our hand remains outstretched, but we will not go along with everything,' he added. Germany, Europe's biggest economy, is a big exporter to the US, where it sells vehicles and automotive components, machinery and pharmaceuticals. In 2024 it sold goods worth €161 billion euros to the US, running a trade surplus of nearly €70 billion, according to German government data. Klingbeil said Trump's tariffs policy would only result in losers, and called for de-escalation in the row, which he said threatened the American economy at least as much as European companies. 'Nobody needs new threats or provocations now,' Klingbeil said. 'Instead, we need the EU to continue serious and targeted negotiations with the USA. Europe remains united and determined: We want a fair deal.' Earlier on Sunday, Juergen Harder, deputy leader of chancellor Friedrich Merz's conservative CDU/CSU parliamentary group in the Bundestag, said he was hopeful of further negotiations between the EU and Washington, with the higher tariffs postponed. 'I'm betting that at least a partial agreement and a further postponement will be reached before Aug 1,' Hardt told Reuters. 'After all, high tariffs have to be paid by American citizens and companies and lead to higher prices and inflation in the US,' he said.
New Straits Times
2 days ago
- Business
- New Straits Times
German finance minister urges EU to push back if tariff talks with US fail
BERLIN: The European Union (EU) must take firm action against the United States (US) if tariff negotiations fail to ease the escalating global trade conflict, said German vice chancellor and Finance Minister Lars Klingbeil on Sunday, according to German newspaper Sueddeutsche Zeitung, reported Xinhua. Klingbeil's remarks are in response to US President Donald Trump's threat on Saturday to impose a 30 per cent tariff on imports from the EU on Aug. 1, after negotiations so far have failed to yield a deal. Urging an end to the escalating trade tensions, Klingbeil said, "Trump's tariffs produce only losers. They threaten the American economy just as much as they harm businesses in Europe." Klingbeil was quoted by Sueddeutsche Zeitung as saying that the EU doesn't "need new threats or provocations," but "a fair deal." In addition, Klingbeil warned that Germany would not remain passive if discussions broke down. "If a fair solution cannot be reached, we must take decisive countermeasures to protect jobs and businesses in Europe," he said, adding that preparations were already underway. "Our hand remains outstretched, but we will not go along with everything." Klingbeil also stated that Germany would accelerate efforts to diversify its global trade ties. The US is Germany's largest export market. In 2024, Germany exported goods worth €161 billion (US$188 billion) to the US, resulting in a trade surplus of nearly €70 billion (US$82 billion), according to German government data.
The Star
3 days ago
- Business
- The Star
German finance minister urges EU to push back if tariff talks with U.S. fail
BERLIN, July 13 (Xinhua) -- German Vice Chancellor and Finance Minister Lars Klingbeil said on Sunday that the European Union (EU) must take firm action against the United States if tariff negotiations fail to ease the escalating global trade conflict, according to German newspaper Sueddeutsche Zeitung. Klingbeil's remarks are in response to U.S. President Donald Trump's threat on Saturday to impose a 30 percent tariff on imports from the EU on Aug. 1, after negotiations so far have failed to yield a deal. Urging an end to the escalating trade tensions, Klingbeil said "Trump's tariffs produce only losers. They threaten the American economy just as much as they harm businesses in Europe." Klingbeil was quoted by Sueddeutsche Zeitung as saying that EU doesn't "need new threats or provocations," but "a fair deal." In addition, Klingbeil warned that Germany would not remain passive if discussions break down. "If a fair solution cannot be reached, we must take decisive countermeasures to protect jobs and businesses in Europe," he said, adding that preparations were already underway. "Our hand remains outstretched, but we will not go along with everything." Klingbeil also said Germany would accelerate efforts to diversify its global trade ties. The United States is Germany's largest export market. In 2024, Germany exported goods worth 161 billion euros (188 billion U.S. dollars) to the United States, with a trade surplus of nearly 70 billion euros, according to German government data. (1 euro = 1.17 U.S. dollar)
Reuters
3 days ago
- Business
- Reuters
EU must be ready for decisive action over US tariff hike: Germany finance minister
July 13 (Reuters) - German Finance Minister Lars Klingbeil said on Sunday the European Union must take "decisive" measures against the United States if tariff negotiations fail to cool an escalating global trade war. President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the EU starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. The threat has prompted a robust response from German politicians and business leaders. "If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe," Klingbeil, who is also vice chancellor in Germany's ruling coalition, told German newspaper Sueddeutsche Zeitung. "Our hand remains outstretched, but we will not go along with everything," he added. Germany, Europe's biggest economy, is a big exporter to the United States, where it sells vehicles and automotive components, machinery and pharmaceuticals. In 2024 it sold goods worth 161 billion euros ($188 billion) to the United States, running a trade surplus of nearly 70 billion euros, according to German government data. Klingbeil said Trump's tariffs policy would only result in losers, and called for de-escalation in the row, which he said threatened the American economy at least as much as European companies. "Nobody needs new threats or provocations now," Klingbeil said. "Instead, we need the EU to continue serious and targeted negotiations with the USA. Europe remains united and determined: We want a fair deal." Earlier on Sunday, Juergen Harder, deputy leader of Chancellor Friedrich Merz's conservative CDU/CSU parliamentary group in the Bundestag, said he was hopeful of further negotiations between the EU and Washington, with the higher tariffs postponed. "I'm betting that at least a partial agreement and a further postponement will be reached before August 1," Hardt told Reuters. "After all, high tariffs have to be paid by American citizens and companies and lead to higher prices and inflation in the U.S.," he said. ($1 = 0.8555 euros)
Al Arabiya
3 days ago
- Business
- Al Arabiya
German finance minister says EU must be ready for decisive action over US tariff hike
German Finance Minister Lars Klingbeil said the European Union must take 'decisive' measures against the United States if tariff negotiations fail amid an escalating trade war. 'If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe,' Klingbeil told German newspaper Sueddeutsche Zeitung.
