German minister urges swift resolution of trade war ahead of G7 talks

German Finance Minister Lars Klingbeil on Tuesday called for swift solutions to the trade war unleashed by US President Donald Trump's new tariffs.

"Tariffs and uncertainty are a burden on our economy and therefore also on job security," Klingbeil said before departing for a meeting of G7 finance ministers in Banff, Canada.

Klingbeil said the new German government, which took office earlier this month, and the European Commission are in contact with the US to work on a constructive solution, adding that he planned to address the issue during the talks in Canada.

Earlier this year, Trump imposed a blanket 10% tariff on all imports, while threatening further punitive measures for countries with a trade surplus with the US.

Furthermore, 25% tariffs on key European sectors such as aluminium, steel and cars remain in place.

"Germany is doing its part to strengthen global growth," Klingbeil stressed, adding that his administration is looking to invest massively, strengthen Germany as a business location with reforms and secure jobs.

"Germany is a safe haven for investment and innovation," said Klingbeil, who is also the country's vice chancellor.

Looking ahead to the talks in Canada, Kingbeil said that the G7 countries should send a "crystal clear signal" that they will continue to stand firmly by Ukraine, as Kiev continues its defence against the Russian invasion.

Discussions on how to mobilize private investment for the reconstruction of Ukraine would also be on the agenda, according to the German minister.

The finance ministers of the seven major industrialized nations (G7) - Germany, France, Britain, Italy, Japan, Canada and the US - are meeting in western Canada on Wednesday and Thursday.