A survey by the German DHIK Chambers of Industry and Commerce warned that escalating US-China trade conflict is already hurting German companies.
41% of German companies doing business in China said they were affected by higher tariffs when exporting to the US. And 46% said highest cost importing from the US.
57% of German companies doing business in the US said there were negative effects exporting to China. 75% reported higher costs when importing from China.
DIHK trade chief Volker Treier said “the dangerous trade dispute between the U.S. and China is also hitting German companies doing business in the two countries.” He added, “the impact is huge: nearly half of the imports from German companies are directly or indirectly affected by the new tariffs, for example because they source raw materials or components from the other country.” He also warned that “a further escalation of the dispute would be a threat to world trade as a whole.”
