The German export industry sees in the Trump Global Customs Offensive Beginning of the Trade War. It advocates a unique EU response and strengthening new free trade agreements. The Federal Controverside Association, Foreign Trade and Service (BGA) warns of serious consequences for world trade due to Trump Customs Offensive and seeks a unique response to the European Union, writes Deutsche Welle.
“This is a frontal trafficking attack. With a drastic increase in customs for more than 100 president, the American President in the Open Trade War with American Brexit, President of BGA to the German news agency DPA. “I expect that the conflict will significantly affect our economic growth,” Jandura is afraid.
In his opinion, the EU must now respond to clear countermeasures.
“We can only do it together. Our goal must be the end of this trade war, but we must also show that Europe is not blackmailing,” Jandura continued. “We should be coordinated with other affected countries. New free trade agreements will reduce the addiction to the United States.”
The German export economy delivered 2024. Years worth 1,559.7 billion euros abroad – which is one percent less than the previous year. BGA has already announced a non-negative forecast for German exports after the announcement of American special customs customs customs customs customs customs.
Endangered jobs
And the Bild list was published a worrying forecast on the consequences for the global economy. The newspaper quotes Hildegard Müller, the president of the German Association of the Automotive Industry (VDA), which considers that negative consequences are inevitable.
“It will also affect jobs,” Müller told Bild. The IW Economic Institute from Cologne calculated what the consequences of the customs would be if the EU was replied by the countermeasures. According to the IW, the economy could fall up to 0.4 percent per year, which would mean a loss of 25 billion euros. Ekonomist Jürgen Matthes from IW Cologne for Bild states:
“At the end of the Trump Mandate, 150,000 jobs could disappear.”
And the Robert Halver Bank Market Expert in the Baader Bank in a statement for the German newspaper forecasts Christmas consequences for Europe and Germany:
“This is a trade war, there is no other name for it. The export industry will face great difficulties, jobs will be lost.”
It is clear: if the EU retains the countermeasures on American products, the American goods will rise. The prices of oil, gas, whiskey and motorcycles could jump up to 20 percent. But the economic effects of American customs could induce the price of the price increase.
Spokesperson of the credit rating of the Moody’s Agency in the Bild Statement notes that American duties of 20 percent to European products could reduce the profit of companies such as Volkswagen and 25 percent! In this context, Ekonomist Clemens Fuest warns: “The cars are the most important German export product. It is already a huge blow to the German economy.” If the crisis takes, prices could continue to grow.
“Germany and Europe must answer Trump Customs”
What answers to US Customs is concerned, the Berlin newspaper Die Welt quotes the premiere of the Federal Province of Hesse, Boris Rhein (CDU). He criticized Trump Customs by calling them “an orgy of the economy burden.”
“Customs, in the end, always cost prosperity,” Rhein said.
“Europe and Germany must provide sovereignty response to Drastic Customs President Trump.” Rhein called for an alternative alliance with other trade blocks and strengthening a competitive environment. It is advocated for free trade agreements with regions such as South America, Africa and India and proposes progressive profit tax and billions of valuable investment packages for the economy.
And Munich Süddeutsche Zeitung tries to expand the image.
“It is certain that the US president wants to achieve more political goals in the United States, but also to reduce the internal policy. In the recession or if the American industry does not experience the expected enforcement, “Süddeutsche Zeitung writes.
Trump, Customs and Currencies
On a special aspect of the trade war that flows the Die Presse from Vienna:
“The difference in interest rates between the US and Europe is growing in the dollar, European goods becomes cheaper in fact that Trump is unable to implement his trade policy. Stephen Miran, Trump’s Advisor under the name ‘Mar-A-Lago-Accord’, which predicts a drastic devaluation of the dollar will not be idle in the US and Europe, the winner in the currency rate will not be in its underlying competitiveness and the financial markets.
Trump Customs affect even uninhabited islands
But despite all the worried voices, there are mocking comments in German media versus Trump. Thus the BILD sheet in one review draws attention to some bizariness of Trump’s performance:
“According to his own statements, Trump intends to increase customs nowhere currently charges less than his trade in the United States. An even Heardi and McDonald Islands will not exist at all! The reason? There are only penguins, seals and birds. This island. The group is Australian outer territory in the southern Indian Ocean. The human population: Zero is a protected natural area, the home of seals and birds. There is one of the world’s seven nests of the royal penguin, “Bild writes.
(Vijesti.ba)
