US auto tariffs would cut 6 billion euros from German GDP

BERLIN: United States tariffs on imported vehicles would slash round 6 billion euros ($6.99 billion) of German financial output, the president of Germany’s DIHK Chambers of Commerce instructed German tv on Friday.

US President Donald Trump’s administration got here underneath fireplace on Thursday for contemplating tariffs of as much as 25 p.c on imported vehicles and elements, a levy that might increase car prices, hurting auto gross sales and trade jobs.

DIHK President Eric Schweitzer stated on ZDF tv that he took Trump’s threats “very significantly” and added such tariffs can be “towards worldwide legislation”.

He stated such levies wouldn’t solely lead to job losses in Germany and Europe however would additionally hit jobs and funding in the USA.

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