Saturday, August 13, 2022

US auto tariffs would cut 6 billion euros from German GDP


BERLIN: United States tariffs on imported cars would slash around 6 billion euros ($6.99 billion) of German economic output, the president of Germany’s DIHK Chambers of Commerce told German television on Friday.

US President Donald Trump’s administration came under fire on Thursday for considering tariffs of up to 25 percent on imported cars and parts, a levy that could raise vehicle costs, hurting auto sales and industry jobs.

DIHK President Eric Schweitzer said on ZDF television that he took Trump’s threats “very seriously” and added such tariffs would be “against international law”.

He said such levies would not only result in job losses in Germany and Europe but would also hit jobs and investment in the United States.


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