Trade disputes should be resolved as quickly as possible, Germany says ahead of G7

BERLIN: Ongoing trade disputes with the United States should be resolved as quickly as possible for the benefit of all, German Finance Minister Lars Klingbeil said on Tuesday, ahead of meeting his counterparts from other Group of Seven countries.

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Germany warns that US tariffs create economic strain and job insecurity amid ongoing trade tensions.
The EU wants a deal with the US but is prepared to protect its interests if talks fail.
G7 finance ministers will discuss ongoing aid to Ukraine and plans for its post-war reconstruction through private investment.

"Tariffs and uncertainties are a burden on our economy and therefore also on job security," Klingbeil said in Berlin before leaving for a G7 finance ministers meeting in Banff, Canada.

The Trump administration has imposed a 25% tariff on U.S. imports of steel, aluminium and cars, as well as a baseline 10% tariff on almost all countries, with additional "reciprocal" tariffs - making for a combined 20% in the EU's case - lined up if negotiations during a 90-day pause fail.

Germany and the European Union want to find an agreement with Washington, but the clock is ticking. "At the same time, as the largest single market in the world, we are determined to defend our interests," Klingbeil said of the EU.

He welcomed the opportunity of meeting his G7 colleagues in person after he took office two weeks ago, noting that strengthening international cooperation was more important than ever in view of global upheavals.

"We must send a crystal-clear signal that the G7 will continue to stand firmly by Ukraine's side," Klingbeil said, adding that the group was doing everything it could to secure a fair and lasting peace.

Another topic in G7 meetings will be the reconstruction of Ukraine after "the terrible destruction caused by Russian President Vladimir Putin's war", and especially how private investment can be mobilised, Klingbeil said.