GERMANY must prepare for Trump’s tariffs, is the conclusion of the Institute for Economic Research IFO from Munich, which looked at the results of the presidential elections in the United States of America.
– Trump follows a highly protectionist agenda based on higher import tariffs and greater restrictions on international trade, especially for China, and potentially for Europe as well – commented IFO Executive Director Clemens Foust.
Trump’s return to the White House caused panic
He believes that the government in Berlin should take appropriate precautions due to Trump’s return to the White House.
German exporters, for whom the US is the largest sales market outside the EU, expect serious losses if Trump fulfills his threat to introduce basic tariffs of 20 percent on US imports from all countries that are Washington’s trading partners and high tariffs of 60 percent on imports from China.
These measures of the re-elected president of the United States of America would cause significant economic damage to Germany of 33 billion euros, and according to estimates, German exports to the USA would drop by 15 percent, according to the IFO website.
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Source: www.novosti.rs
