New economy minister says Germany must actively seek trade improvements
BERLIN, May 7 (Reuters) - Germany must actively seek improvements in the trade outlook rather than wait for improvements, the country's new economy minister Katherina Reiche said on Wednesday.
"We cannot hope that the export and import opportunities for German companies will automatically improve in the coming years, we have to take action ourselves," Reiche said after the handover ceremony with former economy minister Robert Habeck.
She spoke about the importance of diversifying the European Union's trading partners with free trade agreements with countries like Chile, Mexico, Australia and India, as well as Latin America's Mercosur bloc, but she added that the United States would remain Germany's main trading partner.
The European Commission is coordinating the 27-nation bloc's response to import tariffs announced by U.S. President Donald Trump, including a 25% levy on its steel, aluminium and cars and an additional 10% on almost all other goods.
"Trade wars have disadvantages for both sides and that is why it is important that we reach a free trade agreement with the U.S.," Reiche said.
The U.S. was Germany's biggest trading partner in 2024 with two-way goods trade totaling 253 billion euros ($287.16 billion).
($1 = 0.8811 euros)
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