'Trade conflict costs German economy millions per day'
The trade conflict with the United States due to import duties imposed by US President Donald Trump is costing the German economy millions every day.
German Economics Minister Katherina Reiche said this during a visit to Washington for trade talks.
She also stressed that it is important to find a solution to the trade unrest quickly. "We must not lose a day," said Reiche. According to her, the trade conflict is not only bad for the EU and Germany, but also for the US.
ConversationsReiche is in Washington to support ongoing trade talks between the US and the European Union. She met with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
Reiche is also expected to meet with representatives of the American business community today. The uncertainty is difficult for businesses and needs to be reduced quickly, she believes.
Furthermore, according to Reiche, trade barriers must also be dismantled. This concerns, for example, different standards in the US and the EU in the field of environment and safety.
6000 German companiesThe minister also addressed the presence of German businesses in the US. According to her, more than 6,000 German companies have production facilities in the US, in all fifty states, and they provide employment for more than 900,000 people. According to Reiche, German companies contribute to growth, employment and investment in the US.
Germany is a major exporter of, for example, cars, industrial machinery and chemicals to the US. Trump's import tariffs are therefore damaging to German exports, an important growth engine of the German economy. Trump has postponed many levies until July 9 to allow room for negotiations, including with the EU.
Framework agreementReiche believes the EU and the US can reach an agreement by July 9. That doesn't require a thousand-page treaty, it's important that we reach a framework agreement, Reiche said. Agreement on smaller issues should be reached later.
In this video you can see if there is a master plan behind Trump's tariffs:
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