German Finance Minister Lars Klingbeil (SPD) wants to forge new partnerships at the G20 finance ministers' meeting in the United States. "We are seeking cooperation with all those who, like us, are committed to open and rules-based trade, to reliability and cooperation," Klingbeil said on Sunday before departing for Asheville in the US state of North Carolina. He said he would hold talks on the matter with his counterparts from India, Canada and the United Kingdom, among others.
The Iran war and the closure of the Strait of Hormuz, the war in Ukraine, as well as "trade conflicts and distortions of competition," are "poison for economic development worldwide," the Vice Chancellor said. "The G20 is the right framework in which to discuss this openly and to make our positions clear."
Germany's most important trading partners have so far been the United States and China. Relations with both countries are severely strained. The tariff policy of US President Donald Trump is causing massive damage to the German economy. China is accused of using unfair means, such as massive state subsidies and the targeted devaluation of its currency, to secure advantages on the world market for its own companies.
The United States currently holds the G20 presidency. According to a US official, US Treasury Secretary Scott Bessent intends to push forward the economic isolation of Iran at the meeting in Asheville and to make clear that the sanctions against the country must be observed. The US also wants the talks to address the promotion of economic growth and reliable supply chains for strategically important resources such as energy.
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