Germany's acting Finance Minister Jörg Kukis said that Germany's exports to the US could fall by around 15% if US President Donald Trump keeps the tariffs in place.
“This would have very serious consequences, so we should not be naive“, Kukis told ZDF television. “Today I spoke with the president of the Ifo Institute for Economic Research, who calculated that if things continue as they are now, our exports to the US will fall by around 15% and our growth prospects will deteriorate significantly“, the acting head of the German Finance Ministry. “The risk of a recession is increasing, so there is no doubt that it will be harmful to both sides, which makes it even more important to reach a negotiated solution“, said Kukis.
According to him, everything that is seen in the reaction of American companies shows that the risk of a recession in the United States is also increasing. This will reduce the possibilities for the promised tax breaks, concluded the caretaker minister. O. Minister of Finance of the Federal Republic of Germany.