Global economic uncertainty is escalating due to unpredictable policy decisions from the United States, according to Christian Kullmann, CEO of Evonik, a major chemical producer. In an interview with “Handelsblatt”, Kullmann cautioned that the persistent threat of new tariffs is pushing the world economy towards a crisis. He expressed widespread apprehension amongst businesses worldwide regarding the direction of future U.S. governmental actions.
Kullmann dismissed the notion that a trade agreement between the EU and the United States would effectively alleviate this anxiety, suggesting the potential for such agreements to be short-lived. He anticipates continued volatility in U.S. policy, further exacerbating economic uncertainty. The CEO stated that German businesses can no longer rely on the multilateralism that has underpinned growth and prosperity in recent decades, declaring that this “global foundation” has concluded.
Instead, Kullmann advocates for increased agency and proactive measures from European businesses and policymakers. He proposes that Europe’s response to the “America first” approach should be a “Wirtschaft first” – an emphasis on economic priorities. Kullmann conveyed optimism regarding the support that the new German government and the EU Commission will provide to industry. Leading business figures are scheduled to meet with German Chancellor Friedrich Merz (CDU) today at an investment summit in Berlin; Evonik is not participating in the event.