Trade Disputes and Global Cooperation: Germany's Stance at G7

German Finance Minister Lars Klingbeil has called for the swift resolution of ongoing trade disputes with the United States, emphasizing the potential benefits for all stakeholders involved. Speaking ahead of a Group of Seven (G7) finance ministers meeting, Klingbeil expressed concerns over tariffs impeding economic stability and job security.

The Trump administration's imposition of a 25% tariff on U.S. imports of steel, aluminum, and cars, along with a baseline 10% tariff on nearly all countries, exacerbates tension. Klingbeil underscored Germany and the European Union's desire for a timely agreement with Washington, cautioning that time is running out to avert additional retaliatory tariffs.

Moreover, Klingbeil stressed the significance of international cooperation, particularly in light of global uncertainties. He affirmed the G7's unwavering support for Ukraine, focusing on the post-war reconstruction efforts and the mobilization of private investments to aid recovery.

(With inputs from agencies.)