Latest news with #JoachimNagel
Yahoo
18-07-2025
- Business
- Yahoo
Tariff war must end quickly, German finance minister tells G7 partners
By Maria Martinez DURBAN, South Africa (Reuters) -German Finance Minister Lars Klingbeil made clear in a meeting with his counterparts from the Group of Seven major economies on Friday that the global trade conflict must be ended quickly, he told reporters. "But I also want to say very clearly: There will be no deal at any price, there should be no victory at any price," Klingbeil said in Durban, South Africa, on the sidelines of the G20 finance chiefs meetings, where G7 ministers also met separately. Klingbeil called for a fair deal between the U.S. and Europe on tariffs. The 30% tariff on imports from European Union threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe and a heavy blow for Germany with its export-oriented economy. Bundesbank President Joachim Nagel also warned of the "great global damage" that the uncertainty from tariffs is causing. "My appeal to the U.S. side is not to play games with the situation, because in the end, the prosperity of us all is at stake here," Nagel said at the press event with Klingbeil. The head of Germany's Bundesbank had warned on Thursday in an interview with Reuters that the tariff plans risk wiping out even a modest recovery in Europe's largest economy in the coming years. U.S. Treasury Secretary Scott Bessent did not attend the two-day G20 meeting in person, his second absence from a G20 event in South Africa this year, though he did join the G7 meeting online on Friday morning, according to Klingbeil. "We were once again very much in agreement that we want to overcome existing problems, that in the end there should be a solution," Klingbeil said, referring to his talks with ministers from the G7 nations. However, the EU is ready and willing to take determined countermeasures if a negotiated solution with the U.S. was not found, Klingbeil said. "In the end, for me it is about protecting jobs and companies in Europe." Brussels is discussing countermeasures if a deal is not reached by August 1, 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. Asked about this instrument in an interview with Reuters on Thursday, Klingbeil said talks are now focusing on finding a joint solution with Washington, but if it doesn't work out, the EU will act "united and decisively." Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Reuters
18-07-2025
- Business
- Reuters
Tariff war must end quickly, German finance minister tells G7 partners
DURBAN, South Africa, July 18 (Reuters) - German Finance Minister Lars Klingbeil made clear in a meeting with his counterparts from the Group of Seven major economies on Friday that the global trade conflict must be ended quickly, he told reporters. "But I also want to say very clearly: There will be no deal at any price, there should be no victory at any price," Klingbeil said in Durban, South Africa, on the sidelines of the G20 finance chiefs meetings, where G7 ministers also met separately. Klingbeil called for a fair deal between the U.S. and Europe on tariffs. The 30% tariff on imports from European Union threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe and a heavy blow for Germany with its export-oriented economy. Bundesbank President Joachim Nagel also warned of the "great global damage" that the uncertainty from tariffs is causing. "My appeal to the U.S. side is not to play games with the situation, because in the end, the prosperity of us all is at stake here," Nagel said at the press event with Klingbeil. The head of Germany's Bundesbank had warned on Thursday in an interview with Reuters that the tariff plans risk wiping out even a modest recovery in Europe's largest economy in the coming years. U.S. Treasury Secretary Scott Bessent did not attend the two-day G20 meeting in person, his second absence from a G20 event in South Africa this year, though he did join the G7 meeting online on Friday morning, according to Klingbeil. "We were once again very much in agreement that we want to overcome existing problems, that in the end there should be a solution," Klingbeil said, referring to his talks with ministers from the G7 nations. However, the EU is ready and willing to take determined countermeasures if a negotiated solution with the U.S. was not found, Klingbeil said. "In the end, for me it is about protecting jobs and companies in Europe." Brussels is discussing countermeasures if a deal is not reached by August 1, 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. Asked about this instrument in an interview with Reuters on Thursday, Klingbeil said talks are now focusing on finding a joint solution with Washington, but if it doesn't work out, the EU will act "united and decisively."
Bloomberg
18-07-2025
- Business
- Bloomberg
Challenges to Fed Independence Resonate Beyond US, Nagel Says
Interference in the independence of the Federal Reserve would be felt outside of the US, according to Bundesbank President Joachim Nagel. Autonomy is 'in the DNA' of a good central bank, Nagel said Friday on the sidelines of a Group of 20 Finance Ministers and Central Bank Governors' meeting near the city of Durban in South Africa.
Asharq Al-Awsat
18-07-2025
- Business
- Asharq Al-Awsat
German Central Bank Chief: US Tariffs Would Eat Up German Growth in 2025
The Bundebank expects growth of 0.7% in Germany in 2026 but this could be eaten up if US tariffs of 30% threatened by President Donald Trump were implemented, the central bank's President Joachim Nagel told Reuters in an interview. 'If tariffs materialize in August, a recession in Germany in 2025 cannot be ruled out,' Nagel said in Durban, South Africa, where the meeting of G20 finance chiefs is taking place on Thursday and Friday. 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. 'The outlook for the German economy has just improved, especially due to the fiscal program that has been announced and is now being implemented by the German federal government, which also sets the right accents: investments in infrastructure, in future technologies,' Nagel said. 'But this uncertainty could significantly weaken a positive outlook.' Also, German Finance Minister Klingbeil told Reuters on Thursday that the European Union should find solutions to its finances without using common borrowing. 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,' he added.
The Star
17-07-2025
- Business
- The Star
German central bank chief warns U.S. tariffs threaten German economic outlook
FRANKFURT, July 17 (Xinhua) -- German Bundesbank President Joachim Nagel said on Thursday that higher U.S. tariffs on European Union (EU) imports are likely to present a significant downside risk to Germany's economic outlook. U.S. President Donald Trump announced on Saturday the decision to impose a 30 percent tariff on imports from the EU and Mexico starting Aug. 1. Before Trump's announcement, the German central bank had projected economic stagnation in 2025, followed by modest growth of 0.7 percent in 2026. However, Nagel warned that the outlook could worsen significantly due to the higher U.S. tariffs. "A recession in Germany in 2025 cannot be ruled out," he was quoted as saying by local media, adding that the elevated tariffs could potentially erase any expected gains in 2026. In its monthly report released Wednesday, the Bundesbank described the German economy as continuing to exhibit signs of weakness. While the German federal government's 2025 budget has helped lift sentiment, the bank noted that any positive impact on growth is likely to be delayed due to heightened external uncertainties, particularly the escalating threat of U.S. trade barriers.
