BERLIN, May 2 (SANA) 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.
The estimate from the Kiel Institute for the World Economy highlights the exposure of the EU’s largest economy to U.S. import tariffs, which have already cost the German automotive industry billions.
“The effects would be substantial,” Institute President Moritz Schularick said, with output losses rising to around 30 billion euros over the longer term, according to the institute’s analysis.
“The EU should simply wait and see for now,” Jens Suedekum said It is well known that Trump is quick to suspend or withdraw his grandiose tariff threats.”
Trump said on Friday he would increase the auto tariffs to 25% next week from a previously agreed 15%, saying the bloc had not complied with its trade deal with Washington.
IZ/MZ
