The German Industry and Trade Association (DIHK) has warned of significant consequences for the German economy due to the tariffs on steel and aluminum imposed by US President Donald Trump.
“The announcement of additional US tariffs on steel and aluminum is a warning signal for the transatlantic economic relationships” said DIHK’s foreign trade chief Volker Treier to the “Rheinische Post” (Wednesday edition). “Instead of cooperation with our most important trade partner, new trade obstacles are now looming – with significant consequences for German companies” Treier said.
“Germany ranked fifth among the USA’s steel suppliers last year. A trade conflict with the USA would be fatal: higher tariffs do not only make German import goods more expensive in the USA, but also weaken entire value chains” warned Treier.
“Both sides should now show themselves to be dialogue-ready. A tariff spiral is not an option and would harm companies and consumers on both sides in the long run. At the same time, it is important that the EU appears as a sovereign trade partner and advocates for fair, open market conditions” said the DIHK trade expert. “The USA remains an important partner, but fair competition is not a one-way street. Politics must now act to prevent an escalation and secure open markets.