Trump's tariffs on China put jobs in Germany in danger, analysis says
Exporters from China are likely to push into the European market, and particularly into Germany, if the US and China fail to reach a compromise, according to an analysis seen by dpa.
US President Donald Trump announced the US was imposing blanket tariffs of at least 10% on all imports to the country, plus additional levies for a host of trading partners, triggering significant turbulence in the stock and financial markets.
While many of the planned tariffs were suspended to allow for trade negotiations, special tariffs of up to 145% remain in place on Chinese goods and Beijing retaliated with tariffs of up to 125% on US products.
Chinese companies are likely to try to find other sales markets for their goods, the analysis said, which would increase competitive pressure on German companies at home and abroad as supply will increase.
Some 14% of Chinese exports relocated elsewhere could end up in Germany over the next three years, Allianz Trade said, saying this meant goods worth some $33 billion.
"The US tariffs are leading to significant shifts in trade flows almost everywhere in the world," said Milo Bogaerts, head of Allianz Trade in Germany, in a statement.
Between 17,000 and 25,000 jobs in German industry are at risk if goods are relocated, with mechanical engineering, the textile industry and companies that make household goods and sanitary products all areas which could see job losses, the analysis said.
Companies that produce electronics, computers and vehicles would also be affected.
Southern Germany could be particularly hard hit, as it is home to a relatively large number of industrial companies manufacturing such products.
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