The trade conflict with the United States costs the German economy millions per day. This was stated by the German Minister of Economic Affairs Katherina Reiche during a visit to Washington, where she is conducting trade talks with the Americans.
Reiche emphasized that it is important to find a quick solution to the trade conflict between Europe and the US. The feud flared up when US President Donald Trump imposed import tariffs on almost all countries in the world in early April, including Germany.
The minister is in Washington to support the ongoing talks between the US and the European Union. Germany does not conclude trade agreements itself, but does so under the umbrella of the EU.
The German minister had meetings with Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and Trade Representative Jamieson Greer. Reiche will also speak with representatives of American business on Saturday.
Reiche emphasized that more than six thousand German companies have production locations in the US, in all fifty states, and that they employ more than 900,000 people. According to the minister, German companies contribute to growth, employment and investment in the US.
The German auto industry in particular is suffering from Trump’s levies, because, for example, Mercedes and BMWs are popular with Americans. The Germans also supply many other goods, such as industrial machines and chemicals.
Brussels and Washington are currently negotiating a new trade agreement. Pending this, the US has lowered tariffs on all European goods to 10 percent. If no agreement is reached before July 9, the tariffs may increase again.