US EditionPublished • loading... • Updated
Trump auto tariff hike could cost Germany nearly $18 billion in output, institute says
The Kiel Institute said the tariff hike could cut German output by nearly 15 billion euros and deepen losses in the automotive sector.
- On Friday, President Donald Trump announced plans to increase auto tariffs on the European Union from 15 percent to 25 percent next week, citing the bloc's non-compliance with trade agreements with Washington.
- The Kiel Institute for the World Economy reported Saturday that the tariff hike could cost Germany nearly 15 billion euros in output, highlighting the exposure of the EU's largest economy to U.S. import tariffs.
- "The effects would be substantial," IfW President Moritz Schularick said, with long-term losses rising to around 30 billion euros, while Italy, Slovakia, and Sweden also face significant automotive sector losses.
- Jens Suedekum, the German finance minister's chief adviser, told Reuters the European Union should "simply wait and see for now," noting Trump is known to impulsively withdraw tariff threats.
- With Germany's already sluggish growth rate expected at 0.8 percent this year, IfW economist Julian Hinz warned the tariffs would "hit hard," while Suedekum questioned whether legal basis exists for the threat.
Insights by Ground AI
20 Articles
20 Articles
Trump auto tariff hike could cost Germany nearly $18 billion in output, institute says
The tariff hike on cars and trucks from the European Union announced by U.S. President Donald Trump could cost Germany nearly 15 billion euros ($17.58 billion) in output, an economic institute told Reuters on Saturday.
·United Kingdom
Read Full Article
The increase in tariffs on cars and trucks imported from the European Union announced by US President Donald Trump could cost Germany almost 15 billion
·Novi Beograd, Serbia
Read Full ArticleCoverage Details
Total News Sources20
Leaning Left1Leaning Right7Center7Last UpdatedBias Distribution47% Center, 46% Right
Bias Distribution
- 47% of the sources are Center, 46% of the sources lean Right
47% Center
C 47%
R 46%
Factuality
To view factuality data please Upgrade to Premium
