German Finance Minister Lars Klingbeil on Sunday called for “serious negotiations” with the United States after U.S. President Donald Trump threatened to impose 50 percent tariffs on European Union goods starting June 1.

“We don’t need further provocations now, but serious negotiations,” Klingbeil said in an interview with German newspaper Bild published Sunday.

“This is precisely what I discussed with U.S. Treasury Secretary Scott Bessent,” Klingbeil told Bild, which is owned by Axel Springer, POLITICO’s parent company. “The U.S. tariffs endanger the American economy at least as much as the German and European economies,” he said.

“This trade conflict is damaging everyone and must be ended quickly,” Klingbeil said.

Klingbeil met Bessent at last week’s summit of G7 finance ministers in Canada. In the Bild interview, the German minister stressed the need to deescalate tensions and find a political solution, while at the same time also adding: “As Europeans, we are united and determined to represent our interests.”

Trump’s threat to slap 50 percent tariffs on European goods sent shockwaves through European stock markets. The U.S. president had initially imposed a 20 percent tariff on April 2, later cutting it to 10 percent and giving 90 days to strike a deal.

Friday’s ultimatum landed just hours before a call by EU Trade Commissioner Maroš Šefčovič with U.S. Trade Representative Jamieson Greer and U.S. Commerce Secretary Howard Lutnick, seen as a last-ditch bid to avoid a full-blown trade war. After the call, Šefčovič urged “mutual respect, not threats” between the two side.

The European Commission “remains ready to work in good faith,” Šefčovič said in a post on social media. At the same time, “we stand ready to defend our interests,” he said.