German businessmen and economists are afraid that the return of Donald Trump to the post of US President can lead to a new trade war between the US and the European Union. According to Deutsche Welle, Trump has declared plans to impose duties on European products, which could significantly complicate foreign trade for the EU.
Commerzbank economist Jorg Kremir notes that raising duties will make German products more expensive in the US market and probably provokes appropriate duties from the European Union. This will increase the load on the export-oriented economy of Germany, which is largely dependent on international trade.
The President of the German Foreign Trade Association BGA Dirk Jandura emphasizes that the world now needs less trade restrictions, and not more. He believes that import duties on European and Chinese goods are harming the global economy, deepening economic instability and raising costs for business and consumers.
