EU and US: Time to Talk Trade

Germany's finance chief, Lars Klingbeil, believes the EU needs to be more assertive in trade negotiations with the US.

Key Points

• Stronger EU Position: Klingbeil argues that the EU has been too soft in past trade talks and should adopt a more confident approach.
• Collaboration with the US: Despite differences, he emphasizes the importance of close cooperation, even during challenging times.

Recent Developments

• Meeting with US Treasury Secretary: Klingbeil met with Scott Bessent to discuss trade issues, including the impact of cheap Chinese goods on both US and European markets.
• G20 Presidency: They also discussed the US taking over the G20 presidency later this year.

Trade Deal Concerns

• July Trade Agreement: The EU and US reached a trade deal in July, but some tariffs, such as those on steel and aluminum, remain high.
• Quota System Proposal: Klingbeil advocates for including a quota system for steel exports in the deal.

Future Outlook

• Continued Dialogue: Klingbeil stresses the importance of ongoing discussions between Germany and the US.
• EU Strength: He believes the EU must be stronger in negotiations to effectively address trade challenges.

Trade talks are complex, but Klingbeil is optimistic that the EU and US can work together to find solutions.