German Finance Minister: Trade conflicts and tariff disputes intensify instability and harm global prosperity

Reuters Berlin, October 14 - German Finance Minister Lars Klingbeil said in Berlin on Wednesday that trade conflicts, tariff disputes, and actions that distort competition are creating significant instability and harming global prosperity.

Before departing for Bangkok to attend the International Monetary Fund (IMF) and Group of Twenty (G20) finance ministers meetings, Klingbeil stated: “At a time of escalating global crises and increased economic uncertainty, we need to rely on dialogue and reliable partnerships more than ever.”

Klingbeil, who also serves as the chairman of the Social Democratic Party (SPD), canceled the India leg of his Asia trip on Monday after the resignation of Baerbel Bas, the German Minister of Labour and Social Affairs and SPD co-chair.

There was some uncertainty regarding whether Klingbeil would go to Thailand until the German Ministry of Finance confirmed the itinerary on Wednesday.

Klingbeil said he will use various meeting opportunities during his time in Bangkok to showcase Germany as a reliable and attractive partner.

He stated, “Especially in such an uncertain world, we need strong partnerships, open markets, and mutually observed rules.” (End)

(Editor: Li Jun)

((jun.li@thomsonreuters.com))