Published by Global Banking & Finance Review®
Posted on July 16, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleGerman Finance Minister Lars Klingbeil warns that Trump's tariffs could harm both US and European economies, urging for a fair trade deal.
By Maria Martinez
BERLIN (Reuters) -U.S. President Donald Trump's tariffs threaten the American economy at least as much the European one, German Finance Minister Lars Klingbeil said on Wednesday, calling for a "fair deal" with the Americans.
"Trump's tariffs have only losers," Klingbeil said.
The 30% tariff on European goods threatened by Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.
"We are experiencing global trade conflicts, and we are firmly and jointly convinced that European sovereignty is all the more important in these times," Klingbeil said in Berlin, speaking to the press with his French counterpart, Eric Lombard.
If a deal is not possible, decisive countermeasures are needed.
"To sum up: Our hand remains extended, but we will not go along with everything, possible countermeasures must continue to be prepared," Klingbeil said.
"On this, France and Germany are in complete agreement."
(Reporting by Maria Martinez, Editing by Miranda Murray)
Lars Klingbeil stated that Trump's tariffs threaten the American economy as much as the European one, emphasizing that they have only losers.
Klingbeil warned that a 30% tariff would be a game-changer for Europe, potentially wiping out significant portions of transatlantic commerce.
He indicated that if a deal is not reached, decisive countermeasures must be prepared, while also expressing a willingness to negotiate.
Klingbeil mentioned that France and Germany are in complete agreement on the need for a united response to the tariff threats.
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