Latest news with #Klingbeil
Straits Times
an hour ago
- Business
- Straits Times
EU trade deal will take a toll on German economy, finance minister says
Sign up now: Get ST's newsletters delivered to your inbox German Finance Minister, Lars Klingbeil said he wished for a different outcome. BERLIN - German Finance Minister Lars Klingbeil is dissatisfied with the European Union's (EU) trade deal with the United States, as he thinks it will take a toll on Germany's economic growth, he said on July 30. 'I have no illusions about it, it is rather growth-weakening,' Mr Klingbeil said in the presentation of the 2026 draft budget, lamenting that the EU was 'too weak' in the negotiations. The US struck a framework trade agreement with the EU on July 27, imposing a 15 per cent import tariff on most EU goods. 'I would have wished for a different outcome,' Mr Klingbeil said. 'Still, all in all, it is good that there is an agreement with the US, that there are no further escalations.' REUTERS
Yahoo
a day ago
- Business
- Yahoo
German finance minister warns coalition of looming austerity
German Finance Minister Lars Klingbeil has warned the coalition government of significant austerity measures ahead, citing major fiscal challenges in the years to come. "The 2027 budget will be an enormous challenge for the government," the Social Democratic politician said during a visit to the Lithuanian capital, Vilnius, on Tuesday. He stressed that meeting the budget goals would require every minister to make concessions. Klingbeil urged all ministries to begin identifying potential areas for savings. There is a gap of approximately €172 billion ($200 billion) in the federal budget for the years 2027 to 2029, government sources have said. Several budgets are under consideration in Berlin. Klingbeil is set to present his draft budget for 2026 to the Cabinet on Wednesday. He said that budget has been fully financed after intensive negotiations. Meanwhile, the 2025 budget remains under review and is expected to be adopted in September. Sign in to access your portfolio
TimesLIVE
18-07-2025
- Business
- TimesLIVE
Tariff war must end quickly, Germany's Klingbeil tells G7 partners
German finance minister Lars Klingbeil made clear in a meeting with his counterparts from the Group of Seven (G7) 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 on the sidelines of the G20 finance chiefs meetings, where G7 ministers also met separately. Klingbeil called for a fair deal between the US and Europe on tariffs. The 30% tariff on imports from EU threatened by US President Donald Trump would, if implemented, be a game-changer for Europe and a heavy blow for Germany with its export-orientated economy.
Business Recorder
18-07-2025
- Business
- Business Recorder
Tariff war must end quickly, German finance minister tells G7 partners
DURBAN: 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. EU chief delays retaliation for US tariffs in search of deal 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.'
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.
