Steinmeier was elected as the next German president on Sunday to replace Joachim Gauck.
MPs overwhelmingly chose a senior Social Democrat as Germany's president yesterday, adding to a sense of momentum for the centre-left party in its battle to dethrone Angela Merkel.
Before the vote, Steinmeier said he would, if elected, work to counter a heightened sense of insecurity in today's society.
The presidential vote was likely one of the last moments of coalition unity ahead of a parliamentary election in September in which Merkel is seeking a fourth term.
Opposition parties, The Greens and the Free Democratic Party (FDP), also backed Steinmeier as the country's next president.
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In his acceptance speech, Steinmeier said that Germany should be an "anchor of hope" at a time when democratic institutions were under threat across the world.
Czech MEP Pavel Telicka, ANO' foreign affairs expert, said he believes Steinmeier will continue with the legacy of Gauck who was a wise president. Steinmeier later became the country's vice chancellor for two years before being crushed by Merkel when he ran for chancellor in 2009.
Since Mr Schulz took over the candidacy in late January, the SPD has risen sharply in the opinion polls. He will serve a five-year term in the largely ceremonial post.
The United States has always been a beacon of democracy and freedom for post-war Germany, a country where the scars of World War II are never far from the surface. He returned to the Foreign Ministry when Ms. Merkel formed another so-called grand coalition with the SPD in 2013. And in 2007, he was appointed vice chancellor in the grand coalition.