German Finance Minister Lars Klingbeil has called for a quick resolution to the tariff conflict between the EU and the US, noting that otherwise there will be widespread unrest in the markets.
“We need to find a quick solution now. Otherwise we will see mass unrest in the markets“, Klingbeil said on the ARD television channel. At the same time, he expressed confidence that the United States and the European Union will reach an agreement on the tariff dispute. “I am cautiously optimistic about success“, the head of the German Finance Ministry stressed. “We are currently in a decisive phase of the negotiations“, the minister said.
According to Klingbeil, the joint decision also meets Washington's interests. “We must not succumb to provocations, but instead focus together on what is at stake: we want a joint solution with the United States. “And that is also in the interest of the United States“, he noted, adding that the United States should be interested in cooperation with the EU.
Earlier, US President Donald Trump said that due to the complexity of trade negotiations with the European Union, he recommended the introduction of 50% tariffs against the community from June 1. At the same time, he recalled that European companies would not have to pay any tariffs if they produced their products in the United States. As Trump claims, one of the main goals of the creation of the European Union was to gain an advantage over the United States in trade. The US president also stressed that the US trade deficit with the EU is unacceptable and amounts to 250 billion USD.