Trump tariffs: German minister urges ‘serious talks’ with US

BERLIN: German Finance Minister Lars Klingbeil on Sunday urged “serious negotiations” with Washington after US President Donald Trump threatened to bring in 50-percent tariffs on imports from the European Union.

Trump made the threat on Friday, saying “discussions (with the EU) are going nowhere”. The tariffs would be applied from June 1 – just a week away, he added.

If imposed, they would dramatically raise Washington’s current baseline levy of 10 per cent, and fuel simmering tensions between two of the world’s economic heavyweights.

WE DON’T NEED PROVOCATIONS

“We don’t need any further provocations, but serious negotiations,” Klingbeil, who is also Germany’s vice chancellor, told Bild newspaper.

He had spoken with his US counterpart Scott Bessent about the matter of Trump tariffs, he added.

Klingbeil expressed his views on a day which also saw South Korean presidential frontrunner Lee Jae-myung saying that the deadline to reach a deal with the trade tariffs needs to be reconsidered to find a mutually beneficial agreement between the two allies.

At the same time, French President has started a tour of Southeast Asian countries to explore the possibilities of striking deals in defence, energy and tech sectors.

Read more: Macron eyes deals in Southeast Asia amid US-China rivalry

Trump said on Friday he was “not looking for a deal”, repeating his long-standing view that the EU – conceived after WWII to ensure peace in Europe – had “banded together to take advantage of us”.

“The US tariffs endanger the US economy just as much as the German and European economy,” said Klingbeil.

Stock markets fell in the wake of Trump’s comments amid fears of renewed global economic disruption. The US dollar also took a beating.

The EU’s trade chief Maros Sefcovic responded to Trump’s comments by saying the bloc was “committed to securing a deal that works for both”.

Trade relations “must be guided by mutual respect, not threats”, he added.

Klingbeil reiterated Germany’s support for the EU in handling the talks with the US.

EUROPEANS ARE UNITED

“We as Europeans are united and determined to represent our interests,” he said.

Also on Sunday, Klingbeil told the ARD broadcaster: “We must come to a solution quickly else we will have massive turmoil on the markets, as we already saw after President Trump’s initial threat.”

This had also been the consensus at last week’s G7 finance ministers’ meeting which he attended in Canada, he added.

“What we need is… to work together to see how we can strengthen the economy.”