US tariffs announced could cost Germany up to 20 billion euros

The tariffs announced by US President Donald Trump on steel and aluminum imports will lead to a decline in prosperity this year in Germany and will probably cost the Germans 20 billion euros. (23.44 billion dollars) warned Gustav Horn, director of the German Economic Institute (IMK).

US tariffs of 25% on steel imports and 10% on aluminum imports came into force on March 23 and began with data. June 1 is also applied to EU manufacturers, reports Reuters.

Trump also threatens to introduce tariffs of up to 25% for imports of cars and auto parts into the EU, a move that would increase vehicle costs, affect sales of cars and jobs in the automotive industry

"Tariff policy will cost Germans up to 20 billion euros this year." Without Trump's policies, exports would have a "said Gustav Horn, in an interview to the weekly Der Spiegel.

If companies have better export prospects, they have reasons to believe that they will not be able to. 39, but it is not the case now, which affects incomes and jobs, explained the head of the IMK.

He added: "If trade tensions Intensify, exports and therefore investments will decrease, which will increase the risks. a recession. "

According to German media, the European Union will examine the possibility of introducing tariffs for US coal, pharmaceuticals and chemicals, as President Donald Trump will impose restrictions on cars

and the German Chamber of Commerce (DIHK) warned that any tariffs that might be introduced by the United States for car imports would fall by about six billion euros into the Gross domestic product of the country

In an interview with the public ZDF television, DIHK chairman Eric Schweitzer said that he was taking Trump's threats very seriously, adding that such tariffs "contravi According to him, the measure would lead to the loss of jobs in Germany and Europe and would also affect jobs and investment in the United States

The President of the European Commission, Jean -Claude Juncker, will meet with Donald Trump in Washington on July 25 to try to defuse the trade conflict that may worsen between Europeans and Americans. "

" We are going to Washington with the best of intentions, "insisted EU Trade Commissioner Cecilia Malmstrom, who will accompany Juncker to Washington

Malmstrom warned that if the United import of cars, the EU intends to retaliate

"We are preparing, with the Member States, a list of countermeasures and we have clearly communicated this to our American counterparts," said the European Commissioner.

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