EU needs to solve problems without joint debt, German minister says
Klingbeil said the EU had joint debt in the last few years, but that was in a crisis situation during the COVID pandemic, he said in an interview on the sidelines of a G20 meeting in Durban, South Africa.
"Overall, we need to resolve the finances of the EU differently than through a policy of joint debt," he said.
"Fortunately, we are not in such a crisis right now."
Current geopolitical challenges will be discussed at this week's meeting of G20 finance chiefs which takes place against the backdrop of Donald Trump's tariff threats.
U.S. Treasury Secretary Scott Bessent is not attending the summit, and many European finance ministers are also absent.
"I would have wished that more finance ministers were here, but I believe that those who are here will make good discussions," Klingbeil said. "There will be good partnerships, and that will certainly be an incentive for others to come next time."
The 30% tariff on European goods threatened by Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.
"This has been dragging on for a very long time," Klingbeil told Reuters. "We really want to have a solution by August 1."
Last year the U.S. accounted for a fifth of all EU exports - its largest partner.
If a deal is not reached by August 1, Brussels is discussing countermeasures, including the so-called anti-coercion instrument, which allows the bloc to retaliate against countries that put pressure on EU members to change economic policies.
Klingbeil said now the talks are focusing on finding a joint solution with Washington.
"That's the message we are sending," the finance minister said. "But rest assured, if it doesn't work out, then we are prepared, we will react united and decisively, and then there will be a European response."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mirror
14 minutes ago
- Daily Mirror
Donald Trump visit LIVE: Exact time President will arrive in Scotland revealed
Donald Trump is set to arrive in the UK soon for a four-day visit. Flying into Ayrshire on Air Force One, Trump will meet with Prime Minister Keir Starmer and Scotland 's First Minister John Swinney ahead of his state visit to the UK in September - when he is set to met King Charles. The US president will visit his Scottish golf courses as a tight ring of steel is enforced for his safety. Around 5,000 people from the police and security services will be deployed, while snipers that are part of the safety measures have already been spotted in Scotland. 19:28Benjamin Lynch Crowds are gathering Crowds are gathering at Prestwick Airport. Plane spotters have congregated at a popular aircraft watching spot on a mound close to the airport. 19:22Benjamin Lynch European Commission president to meet Trump European Commission president Ursula von der Leyen will meet US President Donald Trump in Scotland on Sunday. Ms von der Leyen made the announcement on X, saying: 'Following a good call with @POTUS, we have agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong.' Before leaving Washington on Friday for Scotland, the president said there was a '50/50 chance, maybe less than that' of a trade deal being struck with Europe which would avert tariffs due to come into force on August 1. 19:05KEY EVENT Trump's arrival time as Air Force One nears UK Trump will arrive at Prestwick Airport in Ayshire between 7:20pm and 8:05pm tonight. Another no-fly zone is in place from 7:30pm to 8:50pm between the airpoirt and Trump's Turnberry golf course. 18:36Benjamin Lynch Trump and his golf Trump will visit both of the golf clubs he owns in the country – Turnberry in South Ayrshire and Menie, near Aberdeen, in the coming days. Speaking to reporters before he began his travel to Scotland, the US president described his Turnberry golf course as 'the number one course in the world'. 18:29Benjamin Lynch Snipers spotted on the roof Snipers have been spotted in Scotland to prepare for the arrival of Trump. They are part of a raft of security measures in place as the US president visits the UK. 17:51Benjamin Lynch Pressure on Starmer over Palestine as Trump dismisses Macron In a joint statement released by Berlin, Sir Keir, French president Emmanuel Macron and German chancellor Friedrich Merz also called for Israel to stop restricting the flow of aid into Gaza. "We call on the Israeli government to immediately lift restrictions on the flow of aid and urgently allow the UN and humanitarian NGOs to carry out their work in order to take action against starvation," they said, adding that "the most basic needs of the civilian population, including access to water and food, must be met without any further delay". Macron has said France plans to recognise Palestinian statehood, making his country the first G7 nation to do so. Trump said Macron's statements on the matter did not "carry weight". "What he says doesn't matter," Trump said to reporters at the White House. Starmer has resisted domestic pressure to follow in Macron's footsteps. Some 221 MPs from across different political parties have joined forces to call on the Government to recognise a Palestinian state, as has Labour Mayor of London Sadiq Khan Sir Keir Starmer said on Friday evening that such a move needed to be part of the 'pathway' to peace in the Middle East. 'That pathway will set out the concrete steps needed to turn the ceasefire so desperately needed, into a lasting peace,' the Prime Minister said. He added: 'Recognition of a Palestinian state has to be one of those steps. I am unequivocal about that. But it must be part of a wider plan which ultimately results in a two-state solution and lasting security for Palestinians and Israelis." 16:43Benjamin Lynch Gaza could be part of the discussions - Swinney winney said the meeting will be 'an opportunity to 'essentially speak out for Scotland' on international issues such as Gaza, as well as trade and the increase of business from the United States in Scotland. 'There are clearly also significant international issues upon which the people of Scotland have a view and want to have that view expressed by their First Minister,' he said. 'That relates to the awfulness of the situation in Gaza and the unbearable human suffering that is going on in Gaza. 'I want to make sure that those concerns and those views are expressed to the president of the United States. 'We have that opportunity, and I intend to take that opportunity to make sure that Scotland's voice is heard.' Mr Swinney also urged all of those set to protest against the president's visit to do so 'peacefully and to do so within the law'. 15:33Benjamin Lynch Trump speaks of getting on wth PM Trump and Starmer are set to have dinner at the president's Turnberry golf course before visiting Aberdeen, which the American leader called the "oil capital of Europe". Trump added: 'We're going to have a good time. I think the Prime Minister and I get along very well.' 15:25Benjamin Lynch Trump and PM could 'approve' US-UK trade deal Donald Trump has indicated that he and Sir Keir Starmer could 'approve' the US-UK trade deal when they meet in Scotland. Speaking to reporters before he began his travel on Friday, the president said: 'We're going to be talking about the trade deal that we made and maybe even approve it.' 15:21Benjamin Lynch Donald Trump said he is 'looking forward' to Swinney meeting Donald Trump said he is 'looking forward' to meeting the 'Scottish leader' John Swinney. Asked about meeting with the First Minister, President Trump said that he has a 'lot of love' for Scotland. He added: 'The Scottish leader is a good man, so I look forward to meeting him.' 15:09Elizabeta Ranxburgaj Pictured: Trump boarding Air Force One The US President has left Washington and is on his was to Scotland on a 'personal' visit where he will go to his golf course and meet the Prime Minister. Trump is expcted to land in the UK in around six hours but he faces more heat about his alleged relationship with Jeffrey Epstein, which he has continued to deny. 15:03Elizabeta Ranxburgaj Trump claims he does not know what the alleged letter he wrote to Epstein is about Trump told reporters outside the White House that he never went to Epstein Island. It was officially named Little Saint James, but locals referred to the sprawling 75-acre estate as 'Paedophile Island'. Trump continued to deny any connection with Epstein, despite bombshell pictures from Trump's 1993 wedding which appear to show the notorious paedophile there. When asked about an alleged letter the President supposedly wrote from Epstein's birthday, he shut those claims down. Trump today said: "I don't even know what they're talking about. Now, somebody could have written a letter and used my name but that's happened a lot. All you have to do is take a look at the dossier, the fake dossier, everything is fake with that administration [The Democrats]... they're a bunch of sick people." 14:55KEY EVENT 'I have nothing to do with the guy,' Trump cries Trump again denied having any relationship to paedophile Jeffrey Epstien as he flees the US for Scotland for four days. Speaking to reporters outside the White House he said: "People should rerally focus on how well the country is doing, or they should focus on that fact that barack hussein obama led a coup." He listed other people he claims might have connections to the disgraved financier and said "They dont talk about them they talk about me, I have nothing to do with the guy." 14:45Elizabeta Ranxburgaj Video: Trump boarding Air Force One before jetting off to Scotland 14:44KEY EVENT 10 wild Donald Trump moments as he jets to Scotland and away from Epstein row Anyone who has studied, or even half watched a movie about American politics understands one simple rule. It's not the crime that gets you, it's the cover up. The multiple mentions of Donald Trump's name in the Epstein files don't insinuate any guilt or knowledge of Epstein's crimes. They may be entirely innocent, or hearsay. But last week, when he was asked if his name was in the files, Trump unequivocally said "no." That was a lie. And whatever is in the files, those around him have gone to extreme lengths to prevent their release, and to encourage the American people and media to talk about something - ANYTHING - else. All of which amounts to a determined effort by the White House and senior government figures to cover up the details of Trump's relationship with America's most notorious and prolific paedophile and sex trafficker. And it may be nothing, but whatever it is or is not - they'd apparently rather drag out the row in public for weeks on end than reveal what's in the files. And in the middle of all this, Trump is on his way to Scotland for his first UK visit since returning to the White House. He'll be hoping for a bit of peace and quiet after the last few we expect some protesters will have other ideas. 1. Trump tried to do a Zelensky on the Fed chairman and it didn't quite land 2. Even Trump's most loyal backers are starting to talk about impeachment 3. Trump is still insisting it's a "SCAM" 4. He's apparently seen the South Park episode, and is "seething" about it 5. Epstein really didn't want to talk about Trump during his deposition Read about Trump's five other wild moments here. 14:41Elizabeta Ranxburgaj Trump to meet Keir Starmer The US President is coming to the UK on a "personal visit" but he is still due to get politics involved. Trump is due to touch down in Scotland on Friday evening ahead of a four-day visit, during which he will meet Prime Minister Sir Keir Starmer and First Minister John Swinney. His meeting with Sir Keir is seen as a chance to refine the UK-US trade deal which came into force last month. In a carefully worded statement ahead of the visit, Mr Swinney said the focus it will bring to Scotland will allow people to have their voice heard on issues including 'war and peace, justice and democracy'. Speaking to the PA news agency on Friday, the First Minister said his meeting with Mr Trump would present an opportunity to 'essentially speak out for Scotland' on issues like trade and the increase of business from the United States in Scotland. 14:32Elizabeta Ranxburgaj Trump on a 'personal visit' Mr Trump is expected to visit both of his golf clubs in Scotland – in South Ayrshire and Aberdeenshire – during the visit, which has been described as 'private' by the White House, before leaving on Tuesday. His presence is likely to spark protests across the country, with Police Scotland being forced to request aid from other forces to help increase manpower for the trip. The massive security blitz comes ahead of a state visit in September which is expected to bring chaos to Britain's streets. Marches are set to take place in Glasgow, Edinburgh and Aberdeen over the weekend. 14:24Elizabeta Ranxburgaj Police guard ring of steel around Trump's golf course, ahead of President's visit to Scotland A huge steel fortress has been put up in the tiny Ayrshire village of Turnberry, in Scotland, ahead of Trump's visit. A 10ft wall, complete with a watch tower, has been erected around the Trump Turnberry golf course. The course has also been filled with police and 'no fly zone' signs have also been spotted around the President's Scottish course and hotel. 14:15Elizabeta Ranxburgaj Chancellor says Trump visit is in the 'public interest' The visit of US President Donald Trump to Scotland is in the 'public interest', Chancellor Rachel Reeves has said. Mr Trump is due to touch down in Scotland on Friday evening ahead of a four-day visit, during which he will meet Prime Minister Sir Keir Starmer and First Minister John Swinney. His meeting with Sir Keir is seen as a chance to refine the UK-US trade deal which came into force last month. Speaking to journalists during a visit to the Rolls-Royce factory near Glasgow Airport on Friday morning, the Chancellor talked up the importance of the visit. 'It's in Britain's national interest to have strong relations with the US administration and as a result of both that long-term special relationship, but actually more importantly, the work that our Prime Minister Keir Starmer has done in building that relationship with President Trump has meant that we were the first country in the world to secure a trade deal,' she said. 'That has a tangible benefit for people here in Scotland, whether it is people working in the Scotch whisky industry or people working in the defence sector like here at Rolls-Royce, that trade deal means lower tariffs than any country in the world on things that we send to the US.' 14:13Elizabeta Ranxburgaj Pictured: Trump leaving Washington for Scotland Donald Trump met people on the South Lawn of the White House before he headed on the president's helicopter Marine One to start his journey to Scotland. 14:02Christopher Bucktin Trump's 'birthday card to Epstein circulated by Maxwell' West Wing fears Donald Trump's White House is said to fear that allies of Ghislaine Maxwell were behind the leak of claims he'd sent a handwritten birthday message to Jeffrey Epstein. Senior West Wing officials are said to believe that claims about the card were orchestrated as a 'warning shot' by the convicted teen sex trafficker to warn the president of what she knows. It has led his team to fear she could divulge far more information about his ties to Epstein if she does not receive a deal. Trump denied knowledge of any card or message and is suing the Wall Street Journal which published a story on it. Days after the Journal published is claims, Trump's Deputy Attorney General Todd Blanche was dispatched to Tallahassee to speak to Maxwell. Sources close to the White House believe the British socialite, who is serving a 20-year prison term for grooming girls for the late paedophile, wants to be set free. The president, who was close friends with Epstein for more than two decades, has the power to commute her sentence or pardon her. Addressing the card claims, a senior White House source told the Mirror: 'There's no doubt in some of the minds of the West Wing that the leak came from someone in Maxwell's orbit and it wasn't accidental. "They believe it was a calculated move, a message to the President that she hasn't forgotten what she knows, and that she's willing to start talking if she's backed into a corner. Trump knows what kind of access Maxwell had to both him and Epstein." Read the full strory here. 10:50David Burke Security ready for Trump's visit A huge operation is underway in Turnberry in Ayrshire ahead of the controversial US President's visit. A 10ft metal barrier has been put up, sparking complaints that the usually-quiet area now looks like an "American prison". Huge protests are expected over the weekend as Mr Trump touches down in the UK on a personal visit. Sniper teams and road checkpoints are visible in the usually-quiet rural setting north of the border. 09:28Mikey Smith Epstein files could lead to impeachment Donald Trump will be hoping for a few days of peace in Scotland this weekend - while back home his backers have started to talk about whether the Epstein files could lead to his downfall. Privately, even some of the President's most loyal supporters in Washington are privately discussing the possibility that the revelations to come could lead to him being impeached for a third time.
Daily Mail
14 minutes ago
- Daily Mail
Trump's Coca-Cola push could revive iconic southern industry
President Trump's push to re-introduce cane sugar to Coca-Cola has raised hopes of an economic boom in Louisiana's sugarcane industry. Farmers in the southern state say they are overjoyed after the White House announced it had struck a deal with the soda giant to return cane sugar to some of its products. The move will shift Cokes away from high-fructose corn syrup and back to natural sugar, elating Louisiana growers whose produce is set to become a hot commodity. Ross Noel, a fourth-generation sugarcane farmer in Donaldsonville, LA, told KLFY that the new soda recipe will benefit far more than just the farmers growing the sugar cane. The deal from Trump to introduce cane sugar back into Coke is part of a wider push from HHS Secretary Robert F. Kennedy Jr. to bring back natural ingredients to everyday foods. In Louisiana, farmers say that the natural ingredients trend could be a game changer for its crop-growing industry. 'There's something special about growing a crop that's real, simple, and trusted—and that is something to be proud of,' Noel told KLFY . This trend also previously saw Steak 'n Shake announce in February that it would switch from vegetable oil to beef tallow in its French fries recipe. The move to beef tallow isn't just a coincidence, as the chain actually mentioned RFK Jr. and his 'Make America Health Again' (MAHA) movement in an announcement about the change. Steak 'n Shake wrote on X, 'By March 1 ALL locations. Fries will be RFK'd!' Although Trump lauded his deal with Coca-Cola as a huge win for the MAHA movement, industry chiefs warned that consumers may end up paying more as a result . Experts warned that removing sweeteners from the drink in favor of real sugar could cost thousands of American jobs in manufacturing, and the idea has already caused chaos on the stock market. Corn Refiners Association CEO John Bode released a statement on Thursday warning that the recipe change could trigger economic mayhem and political turmoil. 'Replacing high fructose corn syrup with cane sugar would cost thousands of American food manufacturing jobs, depress farm income, and boost imports of foreign sugar, all with no nutritional benefit,' Bode said. Coca-Cola bosses said last week that they are adding a cane sugar option to their drink lineup , but did not say that they were removing their high-fructose corn syrup options. 'As part of its ongoing innovation agenda, this fall in the United States, the company plans to launch an offering made with U.S. cane sugar to expand its Trademark Coca-Cola product range,' the soda giant said. 'This addition is designed to complement the company's strong core portfolio and offer more choices across occasions and preferences.' Trump's announcement has already prompted shockwaves in the stock market, costing investors billions of dollars. Shares in Archer Daniels Midland, a leading corn processor, plunged almost six percent in pre-market trading following Trump's announcement. This reflects a potential hit to investors of around $1.5 billion.
The Guardian
44 minutes ago
- The Guardian
Von der Leyen to meet Trump in Scotland with EU-US deal apparently imminent
The EU appears to be on the verge of signing a trade deal with Donald Trump after the European Commission president, Ursula von der Leyen, announced she would meet the US president on Sunday during his four-day trip to Scotland. Trump was scheduled to land on Friday evening ahead of the opening of his new golf course in Aberdeenshire and was already scheduled to meet the British prime minister, Keir Starmer, on Monday. The European Commission said von der Leyen's visit was at Trump's invitation. Ireland's taoiseach, Micheál Martin, said on Friday a deal would 'hopefully be signed off before the weekend is over'. Before boarding an Air Force One flight to Glasgow, the US president had said the EU only had a '50/50' chance of a deal but later said his teams were working 'diligently' to land the 'big one' with the bloc, potentially signalling an end to the threat of a trade war. At the same time Trump heaped praise on Starmer and Scotland's first minister, John Swinney, and said the French president, Emmanuel Macron, was 'a team player' but that France's recognition of Palestine as a state would not 'carry any weight'. Trump said he was looking forward to meeting Swinney. Before boarding the presidential plane , he told journalists: 'The Scottish leader is a good man, so I look forward to meeting him.' He said he had a 'lot of love' for Scotland. Trump also hinted he was looking for more concessions from the EU, saying that Japan had had a worse chance than Brussels of getting a deal but succeeded after offering more to the US. Von der Leyen said she 'had a good call' with Trump before he landed in Scotland and they had 'agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong'. While signalling he was not yet ready to sign a deal with Brussels, Trump would not be meeting von der Leyen unless a deal was to be signed, sources have said. Trump also hinted he was ready to widen the deal he had already agreed with the UK, fuelling speculation he could finally eliminate the 25% tariff he imposed on steel. 'This week we want to talk about certain aspects [of the trade deal] which are going to be good for both countries; more fine tuning. We are also going to be doing a little celebrating together because you know we get along very well,' he said. 'We are going to have a good time I think. The prime minister and I get along very well; the Scottish leader too, we have a lot of things, my mother was born in Scotland, and he's a good man … so I'm looking forward to meeting him.' Asked about a trade deal with the EU, he said: 'I would say that we have a 50/50 chance, maybe less than that … I would have said we had a 25% chance with Japan, and they kept coming back, and we made a deal.' The EU is resigned to an agreement in principle on 15% baseline tariffs including on cars, which will make brands from Volvo to Volkswagen more costly to export than Range Rovers from Britain, which carved out a deal allowing 100,000 cars a year to be exported at a 10% tariff. On Friday, Volkswagen laid bare the cost of Trump's import tariffs saying it had taken a £1bn hit in the first half of the year as a direct result. Trump struck a deal with Starmer in May reducing tariffs on cars from 27.5% to 10% in exchange for increases in US imports of beef and ethanol. While it is now being seen as a clever move by Starmer, the ethanol industry says it is fighting for survival after the prime minister opened the sluice gates to US ethanol, which is used in E10 biofuel in filling stations around the UK. The president of the National Farmers' Union, Tom Bradshaw, told the Guardian his 'biggest worry' was that Starmer would sell farmers out by allowing US dairy products in. 'We understand the US is pushing very very hard for dairy access and for us that is a real red line as they use hormones that we stopped using in dairy production 30 years ago.' He said the farming sector could not 'give any more' and warned Starmer not to use agriculture as a sacrificial lamb. Before boarding Air Force One, Trump claimed he would have sealed deals with nearly all of the 60 countries he threatened with punitive tariffs by next Friday, his self-imposed deadline for agreements. 'Most of the deals are finished … I don't want to hurt countries but we're going to send a letter out sometime during the week and it's basically going to say you're going to pay 10%, you're going to pay 50%, you're going to pay maybe less, I don't know,' he said. He said he had not 'really had a lot of luck with Canada' but he was not focused on it, and rather was 'working very diligently with Europe, the EU' to get a deal.
