Latest news with #DirkJandura
Euronews
07-04-2025
- Business
- Euronews
German exports to the US grew in February as firms anticipated tariffs
ADVERTISEMENT Germany reported a large increase in exports to the United States in February, ahead of US President Donald Trump's announcement of sweeping tariffs. Germany is Europe's biggest economy, as well as a leading exporter. Last year, the United States was its biggest single trading partner for the first time in nearly a decade, displacing China. The most exported goods from Germany to the United States are vehicles, pharmaceuticals, machinery and electrical equipment. The country also exports chemicals, rubber, plastics and leather goods, among others. On the other hand, some of the goods most imported by Germany from the US include vehicles, mineral fuels, chemicals, machinery and pharmaceuticals. The Federal Statistical Office said on Monday that Germany's exports to the US were up 8.5% in February compared with the previous month, at €14.2 billion. German exports to the entire world, including other EU nations, were up 1.8% in the same period at €131.6bn. The head of Germany's exporters association, the BGA, said the February increase 'must not deceive us' as the rise in exports to the US was due to 'anticipatory effects'. Related Eurozone business activity rises as Germany's manufacturing rebounds Bloodbath for European markets as stocks see worst fall since March 2020 Dirk Jandura said in a statement that 'US firms bunkered and German firms moved deliveries forward". He added that 'Germany and the EU must quickly find their role in the new world order' and 'approach the global South with pragmatic offers'. Jandura argued that 'the sweeping US blow offers a unique opportunity to position Europe as a reliable and trustworthy partner'. Global stock markets have been contending with the effects of Donald Trump's vast array of tariffs announced last Wednesday. Europe's indexes dropped on Monday, mirroring Asian market drops, while US markets opened in the red and showed significant volatility in early trading. Investors and businesses are holding tight to their cash while they wait to see how Trump's trade war plays out.
Yahoo
03-04-2025
- Business
- Yahoo
'American Brexit' could lead to 'open trade war,' German group warns
US tariffs are plunging the world into an "open trade war," the president of a German trade association said on Thursday, hours after US President Donald Trump's announcement of blanket 10% customs duties on all imports. Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), called the decision a "frontal assault on global trade." "With drastic tariff increases for more than 100 trading partners, the US president is plunging the world into an open trade war with an American Brexit," Jandura said. "I assume that conflict will have a significant impact on our economic growth." As an exporting nation, Germany is set to be hit particularly hard by the 20% tariff announced by Trump on goods from the European Union, which is due to take effect on April 9. The country's crucial automotive sector is already facing massive disruption, as a steep US tariff of 25% on all imported cars came into effect overnight.
Reuters
03-04-2025
- Automotive
- Reuters
German industry expects severe hit from Trump tariffs
FRANKFURT/BERLIN, April 3 (Reuters) - Far-reaching tariffs announced by the U.S. administration will deal a major blow to the German industry, a major exporter to the world's top economy, leading sector representatives said. "To be very honest with you: we will feel it," Dirk Jandura, president of Germany's BGA association representing importers and exporters. "We will have to translate the tariffs into price increases, and in many cases that means a drop in sales." The comment came after U.S. President Donald Trump announced sweeping duties on most global trading partners, including a 20% tariff on products from the European Union, while there is a separate 25% tariff for car imports. The move marks the rejection of "the rules-based global trade order - and thus turning away from the basis for global value creation and corresponding growth and prosperity in many regions of the world," said Hildegard Mueller, president of the German auto industry association VDA. "This is not America first, this is America alone," she said, adding the blow from the tariffs would be felt globally and cost jobs. The U.S. was Germany's biggest trading partner in 2024, according to the statistics office, with 253 billion euros ($277 billion) worth of goods exchanged between them. ($1 = 0.9136 euros)
