German Finance Minister Lars Klingbeil has called for a swift resolution to the escalating trade dispute between the European Union and the United States, warning that the conflict is inflicting harm on all sides.
“This trade conflict is damaging everyone and must be ended quickly,” Klingbeil stated. He made the remarks following his meeting with U.S. Treasury Secretary Janet Bessent at last week’s summit of G7 finance ministers in Canada.
In a recent interview with German newspaper Bild, Klingbeil emphasized the importance of diffusing tensions and reaching a diplomatic solution. At the same time, he reaffirmed that the EU remains united and resolute in defending its interests. “As Europeans, we are united and determined to represent our interests,” he said.
Markets across Europe reacted negatively to U.S. President Donald Trump’s recent threat to impose a 50 percent tariff on European imports. The tariff announcement has unsettled investors and increased volatility on European stock exchanges. Trump had originally introduced a 20 percent tariff on April 2, later reducing it to 10 percent and offering a 90-day window to negotiate a resolution.
The latest tariff threat was issued just hours before a high-stakes phone call between EU Trade Commissioner Maroš Šefčovič, U.S. Trade Representative Jamieson Greer, and U.S. Commerce Secretary Howard Lutnick. Billed as a final effort to prevent the situation from spiraling into a full-scale trade war, the call ended with Šefčovič calling for “mutual respect, not threats.”
In a post shared on social media, Šefčovič reaffirmed the EU’s commitment to engage constructively. “The European Commission remains ready to work in good faith,” he wrote, adding, “but we stand ready to defend our interests.”
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