Latest news with #Klingbeil
Yahoo
12 hours 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.
Deccan Herald
17-07-2025
- Business
- Deccan Herald
German minister: EU budget taxation sends wrong signal
German Finance Minister Lars Klingbeil doubled down on Berlin's criticism of the European Commission's proposed budget on Thursday, taking aim at corporate tax under the plan which he said sends "the wrong signal". "Everyone should come to us, we want investments to take place in Germany and in Europe," Klingbeil said in Durban, South Africa, on the sidelines of a gathering of G20 finance ministers. "And in this regard, the corporate taxation now proposed by the European Commission, in this form, sends the wrong signal." His comments echoed a statement from the German government on Wednesday expressing its opposition. "A comprehensive increase in the EU budget is unacceptable at a time when all member states are making considerable efforts to consolidate their national budgets," government spokesperson Stefan Kornelius said, also taking aim at the corporate tax element. The European Commission on Wednesday proposed a 2-trillion-euro ($2.31-trillion) EU budget for 2028 to 2034, with a new emphasis on economic competitiveness and defence and plans to overhaul traditional spending on farming and regional development. The Commission proposed several ways to raise more funds directly, including a new tax on companies doing business in Europe that have an annual net turnover exceeding 100 million euros in an EU country. "At first glance, much of what has now been proposed by the Commission does not meet with our approval," Klingbeil said, mentioning a tobacco duty estimated to raise 11.2 billion euros annually, which he said Germany also cannot support.
