German Finance Chief Plans to Ask Bessent About Quotas for Steel
'It's precisely in the steel industry where there are indications that there could be a quota system — exceptions on both sides of the Atlantic,' Klingbeil told reporters in Washington on Monday. 'This would be important for the German steel industry and for many jobs in Germany, and it's one of the topics I will address today.'
A US-European trade deal agreed last month will raise duties on most imports from the bloc to 15%. Brussels got a partial waiver on certain industry-specific US tariffs that carry higher rates worldwide – like for automobiles – but not on others like steel and aluminum, where talks on an exemption involving quotas continue.
'I think we were too weak, we cannot be satisfied with the result that was achieved,' said Klingbeil. 'We Europeans must become stronger, focus on the internal market, and ensure that we are force to be reckoned with. Then we can counter the US with greater self-confidence, not against the US, but in dialogue with the US. That has been lacking somewhat in recent weeks.'
Still, he added that an agreement does mean that the uncertainties of recent months have been removed, and that there is now planning security for companies on both sides of the Atlantic.
Klingbeil, who also is his country's vice chancellor, is in the US on the invitation of Treasury Secretary Bessent, whom he met at the Group of Seven gathering in Banff, Canada, in May.
'I hope that the close relationship between myself and Scott Bessent will help us to clarify issues and gain a better understanding of the situation,' he said. 'This will hopefully lead to sensible solutions that are in the interests of the German economy.'
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