German Finance Minister Lars Klingbeil is expected to call on US President Donald Trump to end his "irresponsible" war in Iran during an upcoming G20 finance summit in Asheville, North Carolina. Klingbeil, who also serves as vice chancellor, stated that ending the war is the most crucial message for the US, highlighting that the ongoing conflict fuels global economic uncertainty and drives up borrowing costs. He attributes the blame for high fuel prices directly to Trump and the war he initiated in Iran, noting that these consequences are being felt at petrol pumps globally.
The G20 finance ministers are scheduled to convene on Monday and Tuesday, ahead of the leaders' summit later in the year in Miami. Klingbeil has also reiterated his call for a windfall tax on oil companies at the European level. He argues that these firms are "lining their pockets" from the geopolitical situation and profiting from the sharply rising prices, a practice he insists must be stopped. This issue is slated for discussion at the EU finance ministers' meeting in Dublin on September 19.
Separately, US Treasury Secretary Scott Bessent is expected to push G20 counterparts to cut all remaining business ties with Iran. The US aims to focus the G20 meeting on boosting economic growth, reducing global imbalances, addressing sovereign debt challenges, and promoting resilient supply chains and private-sector innovation. Klingbeil, speaking after a meeting of German-speaking finance ministers in Liechtenstein, also linked rising bond yields to the global uncertainty caused by Trump's war in Iran, stating the conflict has had profound economic effects, making new borrowing more expensive and impacting Germany's federal budget.
