German Finance Minister Lars Klingbeil is calling for a national summit to strengthen Germany’s position as a key hub for the steel industry, amid current challenges facing the sector.
In addition to chairing the Social Democratic Party, Klingbeil also serves as Deputy to Chancellor Friedrich Merz. Speaking to the German Press Agency (dpa), he said:
"As Social Democrats, we are calling for a steel summit to be held soon, to discuss with company leaders and workers’ councils how we can bolster the steel industry — for example, through lower energy costs."
Klingbeil also stressed the need for a fair resolution to the ongoing tariff dispute with the United States over steel, stating:
"The sensible solution is lower tariffs or higher quotas. The Americans rely on the quality of our steel, especially in strategic sectors such as aircraft manufacturing."
It is worth noting that in June, U.S. President Donald Trump raised tariffs on steel and aluminum imports to 50%, up from the previous 25%, while also imposing additional duties on hundreds of products made from these metals.
Among the 407 categories of goods affected are motorcycles, bicycles, door and window frames, sporting equipment, lifting vehicles, and railway carriages.
These tariffs are not part of the recent agreement between the United States and the European Union, as Trump had previously threatened to impose even higher duties in an effort to push companies to increase domestic production in the U.S.