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☆ Trade between the US and Germany is growing. Concerns over China might be driving the shift.
▼ + stars: | 2024-06-24 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Trade between the US and Germany was 63.2 billion euros in the first quarter of 2024, edging out the 60 billion euros of trade between China and Germany, according to data from the German government. AdvertisementElectric vehicles are causing riftsAutomobiles are at the center of a new dispute between China and Germany. Nearly a third of German car sales in 2023 came from China, according to Reuters, leaving the industry vulnerable to a trade war. The slump in German exports to China is a sign of vulnerability in trade relations, according to the FT. In 2022, trade between China and Germany was 50 billion euros greater than that between Germany and the US.

Persons: —, Biden, EVs, Robert Habeck, Habeck, Oliver Rakau, Martin Wolf Organizations: Service, Business, European Union, Bloomberg, European Commission, BMW, Porsche, Volkswagen, Reuters, EU, European Union Chamber of Commerce, Atlantic Council, Oxford Economics, US, Trump, Biden Locations: China, Germany, Russia, Ukraine, West, Beijing, European, materializing, Red, Europe, Brussels

☆ EU and China set for talks on planned electric vehicle tariffs
▼ + stars: | 2024-06-23 | by ( ) www.cnbc.com time to read: +5 min

The EU and China have reportedly agreed to start talks on the planned imposition of tariffs on Chinese-made EVs. Germany's Economy Minister Robert Habeck said he had been informed by EU commissioner Valdis Dombrovskis that there would be concrete negotiations on tariffs with China. The minister had said earlier on Saturday that the European Union's door was open for discussions regarding EU tariffs on Chinese exports. Proposed EU tariffs on Chinese goods are not a "punishment", Habeck told Chinese officials earlier in Beijing. Proposed EU duties on Chinese-made EVs would hurt both sides, Zheng added.

Persons: Robert Habeck, Valdis, Wang Wentao, Habeck, Habeck's, Zheng Shanjie, Zheng, Valdis Dombrovskis Organizations: Afp, Getty Images, European Union, Germany's, EU, European Commission, Russia, National, Reform Commission, Chinese Commerce, EU Trade Locations: Taicang Port, Suzhou, China's, Jiangsu Province, EU, China, Getty Images China, Shanghai, Beijing, Brussels, Berlin, Ukraine, Russia, Europe, U.S, Brazil, Turkey, Germany

☆ EU tariffs on China not a 'punishment,' says German economy minister
▼ + stars: | 2024-06-22 | by ( ) www.cnbc.com time to read: 1 min

Proposed European Union tariffs on Chinese goods are not a "punishment," Germany's Economy Minister Robert Habeck told Chinese officials in Beijing on Saturday. Habeck's visit to China is the first by a senior European official since Brussels proposed hefty duties on imports of Chinese-made electric vehicles (EVs) to combat what the EU considers excessive subsidies. China warned on Friday ahead of his arrival that escalating frictions with the EU over EVs could trigger a trade war. "It is important to understand that these are not punitive tariffs," Habeck said in the first plenary session of a climate and transformation dialogue. Countries such as the U.S., Brazil and Turkey have used punitive tariffs, but not the EU, the economy minister said.

Persons: Robert Habeck, Habeck's, Habeck Organizations: EU Locations: Beijing, China, Brussels, U.S, Brazil, Turkey, Europe

BERLIN (AP) — Germany's vice chancellor on Tuesday launched a program initially worth up to 4 billion euros ($4.4 billion) to help heavy industry shift to more climate-friendly production over a 15-year period. Support will be capped at 1 billion euros per bidder in an effort to accommodate medium-sized companies. He said it is “super cost-efficient” because companies will be bidding to make carbon-neutral production as economically as possible. Habeck's Economy Ministry hopes that a second round of bidding for support totaling up to 19 billion euros will take place at the end of the year. But if “designed wrong, carbon contracts for difference stand completely in the way of this transition” by chaining the country to old, climate-damaging technology, he argued in a statement.

Persons: — Germany's, Robert Habeck, ”, Martin Kaiser, “, Habeck Organizations: BERLIN, European Union, ”, Ministry, of German Industries, Greenpeace, Green Locations: Germany, Greenpeace Germany

The government is considering whether to suspend Germany's constitutionally enshrined debt brake as a way out of the spending crunch, a source told Reuters, while a leading member of Scholz's own party also called for such a move. Habeck said he was not proposing to abolish Germany's constitutionally enshrined debt brake, but added that "it is inflexible". We are now being forced to modernize the economy with fewer public subsidies," he told the Bild am Sonntag newspaper. "Rather, it is the unsound and unconstitutional budget policy of the federal government and the (three-way) coalition. "One possibility could be to suspend the debt brake in 2023 ... but then not in 2024.

Persons: Robert Habeck, Minister Christian Lindner, Chancellor Olaf Scholz's, Germany's, Lindner, Habeck, Sebastian Brehm, Markus Wacket, Christian Kraemer, Matthias Williams, Miranda Murray, Ed Osmond, Paul Simao Organizations: Minister, Reuters, Greens, Free Democrats, CDU, CSU, Thomson Locations: United States

[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.

Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine

☆ Germany's Scholz says more renewables key to lower industry costs
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

May 6 (Reuters) - Ramping up renewable power production rather than subsidies is the key to lower electricity prices for Germany's energy-hungry industry, Chancellor Olaf Scholz said on Saturday, in an apparent dig at proposals by his government's economy minister. To extend this for the whole of Germany, Scholz said everything within his powers needed to be done to boost power transmission networks and renewable power production. Scholz was speaking to journalists at a geothermal power plant in Kenya during a trip to Africa. "We know today already that we will have lower power prices than today, once we reached our goal that renewable energies dominate electricity production in Germany," he added. Scholz previously voiced scepticism about the initiative, saying long-term subsidies were not beneficial for the economy.

☆ German business group wants Berlin to offer more protection in Ukraine
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 7 (Reuters) - German companies active in eastern European have called on the government in Berlin to take on more risk and provide increased security for business in Ukraine, particularly for transport. "The federal government has to take on more risk than usual," Harms said, and it "shouldn't relieve companies of business risk but should help with creative instruments." The association's demand follows German Economy Minister Robert Habeck's promise during a visit to Kyiv this week to provide German companies investment guarantees in Ukraine as part of reconstruction efforts. "Company representatives say that these investment guarantees are necessary in order to get investment decisions through the board of directors," said Harms, who travelled with Habeck to Kyiv. More than 20 applications for such investment guarantees are in the pipeline, ministry sources said.

☆ Explainer: West mulls sending German Leopard 2 tanks to Ukraine
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +5 min

BERLIN APPROVALThe re-export of Leopards requires German government approval, so other countries with such tanks could not send them to Ukraine without it. WHY HAS THE WEST NOT SENT BATTLE TANKS TO KYIV SO FAR? The Leopard 2 is one of the most widely used Western tanks. Germany has about 350 Leopard 2 tanks today, compared to some 4,000 battle main tanks at the height of the Cold War, German military expert Carl Schulze says. WHAT OTHER WESTERN BATTLE TANKS ARE THERE?

☆ Germany backs Norwegian plan to capture carbon from cement
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

Habeck's visit to the Norcem cement plant in Brevik, Norway, represents a shift in German policy back towards efforts to deal with planet-warming emissions by capturing them and making use (CCSU) of them in industrial processes. Projects have repeatedly stalled on issues of cost and environmental opposition as campaigners have been concerned carbon capture and storage can serve to prolong the use of fossil fuels. As cement-making inevitably emits carbon, its capture is necessary to mitigate pollution, and the Norwegian plant is meant to serve as a global blueprint, eventually capturing 400,000 tonnes of CO2 - half its emissions - per year. Germany aims to cut 65% of carbon dioxide emissions by 2030 compared with 1990 and to become carbon-neutral by 2045. During Habeck's visit, Norwegian state-controlled oil firm Equinor (EQNR.OL) and German utility RWE said separately they planned to develop a supply chain for low-carbon hydrogen.

☆ German economy ministry plans subsidies for climate-friendly production -document
▼ + stars: | 2022-11-30 | by ( Moushumi Basu | ) www.reuters.com time to read: +1 min

BERLIN, Nov 30 (Reuters) - German Economy Minister Robert Habeck plans to award companies in energy-intensive industries like chemicals and steel 15-year subsidy contracts if they reduce carbon emissions in their production, a document seen by Reuters on Wednesday showed. According to the document, which still needs to be discussed with other ministries, companies which demonstrate that they are reducing emissions in their production process will qualify for upfront investment and annual funding. With the price of conventional production rising due to increasingly expensive carbon pollution payments, the state will be able to be reimbursed by companies if their carbon costs rise higher than the initially more expensive carbon-free production methods. "Climate protection contracts therefore not only lead to a reduction in emissions from the subsidized industry," Habeck's document read. "They also provide an incentive for the technologies and infrastructure required for this to be developed and implemented in Germany now."

☆ Soccer German vice chancellor: 'Opportunity is there' to wear OneLove armbands
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 23 (Reuters) - German Vice Chancellor Robert Habeck has said he would wear the multi-coloured 'OneLove' armband at the soccer World Cup and see what happened, but he took care to add it was not for him to decide what national team captain Manuel Neuer does. Habeck's comments late on Tuesday came amid a row over the symbol in Qatar, where homosexuality is illegal. Asked by broadcaster ZDF whether players should wear the armband, Habeck replied: "I am not the media advisor of the DFB (German football association) and I am not Manuel Neuer but the opportunity is there." "I'm a politician trying to do my job properly, but what would happen if it happened now? The comments come after soccer's global governing body, FIFA, cracked down on players wearing the armbands in support of diversity at this year's World Cup.

Doha has faced mounting criticism, mostly from Europe, over its treatment of foreign workers and LGBT rights ahead of the World Cup that began on Sunday. It has denied discrimination and pointed to labour reforms, while organisers previously denied allegations of bribery to win hosting rights. In October his office summoned the German ambassador to object over critical comments by Germany's interior minister. The QatarEnergy boss said Habeck had never voiced such criticism of Qatar to him directly. The German minister, who is responsible for Berlin's energy portfolio, was in Doha in March and had said that long-term energy partnerships were being negotiated.

☆ Germany is open to trade with China — but we're not stupid, vice chancellor says
▼ + stars: | 2022-11-14 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

China is a trade partner but Germany has to be careful, Economy Minister Robert Habeck told CNBC's Tanvir Gill. Germany is open to strengthening ties with China but would need to remain cautious on where any investment goes, the country's Economy Minister and Vice Chancellor Robert Habeck said. That's not saying we are a stupid market, so we have to be careful," Habeck told CNBC's Tanvir Gill Saturday in Singapore. Habeck's comments come after German Chancellor Olaf Scholz made a controversial solo trip to China to meet President Xi Jinping in early November. Habeck also told CBNC which industries should and should not form closer bonds with China, saying there are some sectors "which are not open for sale."

☆ German nuclear power extension wins Green minister's endorsement
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 18 (Reuters) - Economy Minister Robert Habeck on Tuesday endorsed the decision of Chancellor Olaf Scholz to use his executive authority to settle a long-running row within the coalition over extending the life of Germany's three remaining nuclear power stations. Robert Habeck's Greens, opponents of nuclear power, wanted two plants kept running until April, while the business-friendly Free Democrats wanted an extension involving all three plants. On Monday, Scholz, a Social Democrat, ordered that all three should be kept going until April at the latest. Habeck said Scholz's decision had offered a political solution and although it was unusual, it was not a scandal for the chancellor to have an opinion and authority that he exercised. Register now for FREE unlimited access to Reuters.com RegisterReporting by Riham Alkousaa, writing by Thomas EscrittOur Standards: The Thomson Reuters Trust Principles.

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