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14 July | Euro

German Chancellor says US import tariffs will hit German industry hard

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EURUSD
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German Chancellor says US import tariffs will hit German industry hard

German Chancellor Friedrich Merz warned that US President Donald Trump's plan to impose 30% tariffs may significantly harm domestic exporters if the two countries fail to resolve their disagreements in the coming weeks.

The European Union (EU) will prolong the suspension of retaliatory trade measures against the United States until August 1 to allow for further negotiations.

The Chancellor of Germany stated that the imposition of 30% tariffs on German imports could force the government to delay certain economic policy initiatives. Duties would overshadow everything, and hit the German export and industrial sector to the core.

Friedrich Merz is working closely with French President Emmanuel Macron and European Commission President Ursula von der Leyen to find an optimal solution to the current situation.

Elena Dorokhina MarketCheese

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