Trump administration policies deal a heavy blow to the German economy.
According to Rossiya Ilyum, the German Economic Research Institute warned that the Trump administration’s imposition of 50 percent tariffs on European goods would hit the German economy by 200 billion euros.
The report states that the United States will also be affected by these measures, as it is 95 percent dependent on some German goods, such as a type of crane.
Donald Trump recently announced that he intends to implement these tariffs from January 1 because trade negotiations with the European Union have not been fruitful.
Trump Administration Policies Deliver a Severe Blow to the German Economy
The German Economic Research Institute has warned, according to Rossiya Ilyum, that the Trump administration’s plan to impose 50 percent tariffs on European goods could cost the German economy 200 billion euros.
The report also highlights that the United States itself will be impacted by these tariffs, as it relies on certain German products, such as a specific type of crane, for 95 percent of its supply.
Donald Trump recently announced his intention to enforce these tariffs starting January 1, citing unsuccessful trade negotiations with the European Union.