Volker Treier, foreign trade expert of the German Chambers of Industry and Commerce (DIHK), attends an event. Soeren Stache\/dpa <\/p>\n
The German Chamber of Industry and Commerce (DIHK) is warning that the tightened US trade policy is already having an adverse impact on the German economy.<\/p>\n
“The burdens are likely to become even more severe in the coming weeks,” DIHK foreign trade chief Volker Treier told dpa in Berlin on Friday.<\/p>\n
Treier said the slump in exports to the US since the announcement of new US tariffs at the beginning of April was a clear warning signal. “If the uncertainty surrounding US tariff policy continues, German industry could face monthly export losses of up to \u20ac1 billion.”<\/p>\n
Industries that are directly or indirectly affected by the 50% tariffs on steel and aluminium – including the key automotive industry – are particularly vulnerable, he said. “The measure has a profound impact on industrial supply chains for mechanical engineering, furniture manufacturers, producers of fitness equipment and tools.”<\/p>\n
The EU is currently trying to prevent a further escalation in the tariff dispute between the two trading powers.<\/p>\n
Around two weeks ago, US President Donald Trump announced that he intends to introduce tariffs of 30% from August 1.<\/p>\n
A “basic tariff” of 10% has been in place for EU imports since April 9. According to the DIHK, a sectoral tariff of 25% has been in place on steel and aluminium products since March 12, which was increased to 50% on June 4.<\/p>\n
Further tariffs of 25% have been in place on cars since April 3 and on selected car components since May 3.<\/p>\n
“If tariffs of 30% are permanently imposed on German industrial products competitiveness in the US market will be almost impossible to maintain,” Treier said.<\/p>\n","protected":false},"excerpt":{"rendered":"Volker Treier, foreign trade expert of the German Chambers of Industry and Commerce (DIHK), attends an event. Soeren…\n","protected":false},"author":2,"featured_media":290498,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5310],"tags":[31732,108167,2000,299,1824,6202,108168,108166],"class_list":{"0":"post-290497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-germany","8":"tag-adverse-impact","9":"tag-dihk","10":"tag-eu","11":"tag-europe","12":"tag-germany","13":"tag-president-donald-trump","14":"tag-the-german-chambers-of-industry-and-commerce","15":"tag-volker-treier"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114913727329571146","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/290497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=290497"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/290497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/290498"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=290497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=290497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=290497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}