German Chancellor and leader of Germany's Christian Democratic Union (CDU) Friedrich Merz (R) listens to German Economy and Energy Minister Katherina Reiche as they arrive to attend the CDU's leadership meeting at the party's headquarters in Berlin, on April 13, 2026. (Photo by Tobias SCHWARZ / AFP via Getty Images)

German Chancellor and leader of Germany's Christian Democratic Union (CDU) Friedrich Merz (R) and German Economy and Energy Minister Katherina Reiche arrive to attend the CDU's leadership meeting at the party's headquarters in Berlin, on April 13, 2026. (Photo by Tobias SCHWARZ / AFP via Getty Images)

German Chancellor and leader of Germany's Christian Democratic Union (CDU) Friedrich Merz (R) talks to German Economy and Energy Minister Katherina Reiche as they arrive to attend the CDU's leadership meeting at the party's headquarters in Berlin, on April 13, 2026. (Photo by Tobias SCHWARZ / AFP via Getty Images)

This picture taken on April 10, 2026 shows an aerial view from the affluent coastal suburb of Cottesloe in Perth, as the city's property market sits at record highs, driven by tight housing supply and strong demand. (Photo by Antony DICKSON / AFP via Getty Images)

German Chancellor and leader of Germany's Christian Democratic Union (CDU) Friedrich Merz (R) and German Economy and Energy Minister Katherina Reiche arrive to attend the CDU's leadership meeting at the party's headquarters in Berlin, on April 13, 2026. (Photo by Tobias SCHWARZ / AFP via Getty Images)

German Chancellor and leader of Germany's Christian Democratic Union (CDU) Friedrich Merz (R) talks to German Economy and Energy Minister Katherina Reiche as they arrive to attend the CDU's leadership meeting at the party's headquarters in Berlin, on April 13, 2026. (Photo by Tobias SCHWARZ / AFP via Getty Images)

German Chancellor and leader of Germany's Christian Democratic Union (CDU) Friedrich Merz (L) and German Economy and Energy Minister Katherina Reiche arrive to attend the CDU's leadership meeting at the party's headquarters in Berlin, on April 13, 2026. (Photo by Tobias SCHWARZ / AFP via Getty Images)

A worker directs the loading of bagged bulk urea fertiliser for export at a port in Yantai, in China's eastern Shandong province, on April 13, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT