Merz, Germany's finance minister, calls for European patriotism in order to protect the steel industry

After a meeting of domestic producers, German States and Trade Unions on Thursday, German Chancellor Friedrich Merz (left) and Finance Minister Lars Klingbeil (right) signaled a new European patriotism for the protection of the steel industry.

Klingbeil, who was at the press conference with the chancellor, said: "If we invest heavily into our defence industry then we can... say that want to give priority to European and local products."

He said: "I think that a little bit more patriotism, a little bit more 'buy European' would help."

Merz stated that he would support an EU plan designed to protect the steel industry of the EU, and added that a Franco German push could be on the horizon.

Last month, European Commission proposed a reduction of almost half in the tariff-free import quotas for steel along with a doubled duty on out-of-quota steel to 50%.

Merz stated, "There are European proposals that we all agree we want to support." The debate turned to the question of whether we should accelerate our whole process with France.

Most German parties were against protectionism in the past, as their export-oriented economy was one of the biggest beneficiaries of low trade barriers during the last two decades.

German regulators and manufacturers are increasingly concerned about the impact of U.S. and Chinese tariffs and competition.

(source: Reuters)