The German economy will lose up to 1% of GDP or €41.2 billion due to import duties that future US president Donald Trump promises to introduce. This was stated by the president of the Bundesbank, Joachim Nagel.
“If the tariff plans are implemented, it could cost us one percent of economic output in Germany,” Joachim Nagel told the weekly Die Zeit.
The bank president said the tariffs would be painful at a time when the German economy is not growing this year and is likely to grow less than 1 percent next year.
“If new tariffs really emerge, we could even fall into negative territory.” – said Joaquín Nagel.
Die Zeit noted that in the midst of an economic crisis, the German government collapses and the United States, its most important trading partner, elects a protectionist president.
At the same time, Europe continues to actively purchase American products. Thus, the president of the European Commission Ursula von der Leyen announced a conversation with donald trumpduring which he told the future head of the White House that Europe needs more American LNG, because there is a lot of Russian LNG.
At the same time, the German Economy Ministry banned state LNG terminals from accepting cargo from Russia.
