Trump’s tariffs to severely hit German industry — Reuters

Sweeping import tariffs announced by US President Donald Trump are expected to deal a massive blow to German industry, Reuters reports. 

According to the news agency, the US became Germany's largest trading partner last year, goods exchanged between the two countries were worth €253 billion ($280.8 billion).

President of the German Federation of Wholesale, Foreign Trade and Service (BGA) Dirk Jandura expects prices to rise and sales to drop as a result of import duties imposed by Donald Trump. The US leader announced 20% tariffs on products from the European Union, as well as a separate 25% levy on automobile imports.

The IW research institute expects Germany’s economy to be dealt a €200 billion ($222 billion) blow during Donald Trump’s term. Meanwhile, Hildegard Mueller, president of the German Association of the Automotive Industry (VDA), says the effect of the US import duties will be felt worldwide.