US President Trump threatens the EU with import duties of 50 percent from June. The EU must now appear closed, finished finance minister Klingbeil im Report from Berlin. There must be a common solution quickly.
There is not much time to negotiate: From June 1st, the US government wants to impose tariffs of tariffs of 50 percent on imports from the European Union. The EU member states hope for a sudden turnaround by US President Donald Trump. Federal Finance Minister Lars Klingbeil tries to appease in conflict with the US government-most recently at the meeting of the G7 countries in Canada.
“Now we are in a decisive phase of negotiations,” said the SPD politician in Report from Berlin. “We should not have ourselves provoked, but we should focus on what it is about: we want a common solution with the USA. And that is also in the interests of the United States.”
With provocation, Klingbeil should primarily mean Trump’s acting. In Canada, the SPD politician met with US Finance Minister Scott Bessent. Shortly after the conversation, the Klingbeil im Report from Berlin Comed as “good and trusting”, the announcement by the US President comes to increase the punitive tariffs.
Lars Klingbeil, Federal Minister of Finance, on US tariffs and criticism of plans for the 2026 budget
Klingbeil puts on Uniformity the EU
US President Trump has repeatedly claimed that the EU used the United States of America. Brussels and the EU countries have brought about a major export surplus compared to the United States with trade barriers. These barriers included VAT, “ridiculous” punishments for corporations, currency manipulation and “unjustified complaints against American companies”. According to Trump, there will be no tariffs if the respective product is produced in the USA.
Klingbeil does not want to be put off by it. He sees the strength of the European Union in its unity. “The discussions are intensively held by the European Commission,” said the Vice Chancellor. The federal government accompanies these negotiations. “A solution has to come quickly now, otherwise we will experience massive unrest in the markets.” That was also the tenor at the G7 meeting in Canada. He was “carefully optimistic” that an agreement with the United States will make an agreement.
“Costs us at least half of the expected growth”
If the US tariffs come into force on EU products such as Trump, Germany, according to Germany, is at risk of massive damage. Economists of the Institute of German Economy (IW) in Cologne calculated that the import duties could cost the German economy by 2028. “German GDP would be around 0.1 percent lower this year, after which the damage would be significantly larger,” said the scientists. If the EU reacts with corresponding retaliation tariffs, even damage of 250 billion euros is threatened by 2028.
The economist Monika Schnitzer said im Report from Berlin With a view to the threatened tariffs: “That costs us at least half of the growth that we actually expected.” Added to this is the uncertainty that loads on the markets.
“Rate to wait until the household is available”
It is clear that the US threats come at the wrong time for Germany’s weakening economy. Some challenges are waiting for Finance Minister Klingbeil. He warned against relying on the decided 500 billion euro special assets. “Nobody has the right to reject,” he said. It has to be looked closely at where you could save – for example with staff in the federal administration.
At the same time, it is now about investing quickly. The citizens should notice as quickly as possible: something changes. “Trains, bridges, streets of daycare centers – all of this is being renovated.”
The plans of Klingbeil, however, encounter criticism. The Greens accuse him of “household tricks”. They fear that the agreed climate protection measures could not make it into the regular household. The SPD politician does not consider the accusation to be justified. The Vice Chancellor emphasized: “I advise everyone to wait until I put a household.”
