German Finance Minister to Push for Steel Quotas on Washington Trip

SEATTLE (Scrap Monster): German Finance Minister Lars Klingbeil will advocate for a quota system on steel exports to be included in the EU's trade deal with the United States at a meeting with his U.S. counterpart, Scott Bessent, later on Monday, he told a radio broadcaster.

"There is talk of a quota system for steel, and it would be good if there were one," Klingbeil told Deutschlandfunk radio on Monday before his planned meeting in Washington.

 There are a number of chapters that have not yet been finalised in the trade deal struck, said Klingbeil, and steel is a particularly important issue for the German economy and jobs.

"I will test out what steps the American government is prepared to take and what the solution might look like," said Klingbeil, even though the EU is responsible for negotiations.

The EU's trade deal with Trump in July was greeted with a mix of relief and anger, with tariffs set at 15% for most products but negotiations continuing for certain sectors, including steel and aluminium, which carry tariffs of 50%.

German Chancellor Friedrich Merz had said on Friday the EU will negotiate with the United States on steel, with a focus on quotas that can be exported without too high tariffs.

Klingbeil also urged quick clarification of other outstanding details in the trade dispute, including the investments promised by the EU and in the energy sector.

"It should happen in the next few days," he said.

Courtesy: www.reuters.com