Germany is pushing for an end to the global trade conflict but warns it will not accept any deal at any cost, Finance Minister Lars Klingbeil said Friday after meeting with other Group of Seven finance ministers in South Africa.
Speaking after the G7 gathering held alongside the G20 finance chiefs’ meeting in Durban, Klingbeil said Europe is seeking a fair solution with the United States over trade tensions, including a proposed 30% tariff on EU imports threatened by President Donald Trump. He warned that such a move would seriously hurt Germany’s export-focused economy.
Klingbeil said Europe is prepared to respond if negotiations fail. “The EU is ready and willing to take determined countermeasures,” he said, pointing to Brussels’ preparations, including the anti-coercion instrument which allows the bloc to respond to economic pressure.
Talks are ongoing ahead of an August 1 deadline, and Klingbeil emphasized that protecting European jobs and businesses is the top priority.
U.S. Treasury Secretary Scott Bessent did not attend the G20 meeting in person but joined the G7 session online. It marked his second absence from a G20 meeting in South Africa this year.
Bundesbank President Joachim Nagel also spoke at the press event, warning that tariff uncertainty could damage the global economy and harm Germany’s fragile recovery. “My appeal to the U.S. side is not to play games,” he said.
Klingbeil said G7 ministers agree that current trade tensions should be resolved and that dialogue with Washington will continue.