German Vice Chancellor and Finance Minister Lars Klingbeil believes that the steel industry can be exempted from US trade tariffs. His words were quoted by the portal Yahoo! Finance.
“There are indications in the steel industry in particular that a quota system could be introduced there - exemptions on both sides of the Atlantic“, Klingbeil said during a conversation with journalists in Washington before a meeting with US Treasury Secretary Scott Besant. According to the Vice Chancellor, the introduction of quotas “would be important for the German steel industry“.
At the same time, Klingbeil said that EU representatives “have shown weakness“ during trade negotiations with the US and the deal reached “cannot be considered satisfactory“. In addition, during a conversation with journalists, he criticized US President Donald Trump's calls for the resignation of Federal Reserve Chairman (the Fed, which acts as the central bank) Jerome Powell. According to the German Vice Chancellor, quoted by the Financial Times, “it would be right for independent institutions to remain independent without political interference“.
Klingbeil intended to raise the issue of quotas for the steel industry at a meeting with US Treasury Secretary Besent. According to a statement released by the US Treasury Department press service after Besent's meeting with Klingbeil, the parties discussed the US-EU trade agreement, the Ukrainian crisis and cooperation between the US and Germany in the field of security.