U.S. and EU Inch Closer in Trade Tariff Talks at G7
Progress has been made in resolving the tariff dispute between the U.S. and Europe, Bundesbank President Joachim Nagel said, noting hurdles remain. At the G7 meeting, officials acknowledged trade conflicts lack winners, with hopes for improved growth despite Europe's current economic challenges.
Efforts to resolve the damaging tariff dispute with the United States are progressing, though obstacles remain, Joachim Nagel, the Bundesbank President, revealed to German television on Wednesday. This development comes as finance ministers from the Group of Seven major economies convene in Banff, Canada.
During the G7 meeting, European Central Bank policymaker Nagel expressed optimism that the U.S. and Europe are beginning to understand each other's perspectives better. Acknowledging that trade conflicts hold no victors, Nagel highlighted a more constructive dialogue with U.S. officials.
The German Council of Economic Experts adjusted its forecast for Europe's economy, anticipating stagnation due to tariff-related uncertainties. While the first quarter may show better growth than expected, the effects of the dispute might dampen second-quarter performance, Nagel warned, while forecasting potential growth improvements by 2026.
(With inputs from agencies.)
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