Report: 50% US Tariff increase could cost Germany €200 Billion
Berlin – Saba:
The German Economic Institute (IW) warned on Saturday that US President Donald Trump's imposition of 50% tariffs on European imports could cost the German economy €200 billion.
This came after Trump announced his intention to impose these tariffs starting June 1, describing trade negotiations with the European Union as futile, according to the Russian news agency Novosti.
The institute predicted that German GDP would decline by 0.1% this year, with losses likely to increase in subsequent years. The annual contraction could reach 1.1% between 2025 and 2028, and losses could increase to €250 billion if the EU imposes similar tariffs.
The report indicated that the United States would also be affected by these measures due to its reliance on certain German imports, such as automated cranes, which constitute 95% of US imports in this sector.
It's worth noting that Trump signed an executive order last April imposing tariffs on imports, starting at 10% and then increasing them to some countries based on trade deficits. He then announced a 90-day suspension of the tariffs after more than 75 countries requested negotiations.
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