The tariff agreement reached by European Commission President Ursula von der Leyen and US President Donald Trump will bring additional difficulties to 58% of German companies, according to the results of a survey conducted by the German Chamber of Commerce and Industry (DIHK).
Among companies doing direct business with the US, this figure reaches 74%. Only 5% of companies expect positive consequences. “This agreement may have been politically necessary, but for many companies in Germany it is still a bitter pill to swallow“, said DIHK CEO Helena Melnikova. “Instead of easing the situation, it creates additional difficulties: higher tariffs, increased bureaucracy and reduced competitiveness,” she said.
The current US trade policy, as the DIHK highlights, is already having a noticeable impact on almost three quarters of companies (72%). The situation is particularly difficult for companies doing direct business in the US. Thus, 89% of the companies have already reported negative consequences. They point to the ongoing uncertainty of trade policy and concerns about new tariffs as the main problems.
Also,54% of companies doing direct business in the US intend to reduce trade with the US. At the same time, 31% of companies note a change in their approach to customs costs, and 84% of them report that they are passing on at least some of the additional costs to their customers in the US. For one-fifth of companies, customs policy has no impact on business in the US.