American Brexit’ could lead to ‘open trade war,’ German group warns |LAGOS EYE NEWS
US tariffs are plunging the world into an “open trade war,” the president of a German trade association said on Thursday, hours after US President Donald Trump’s announcement of blanket 10% customs duties on all imports.
Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), called the decision a “frontal assault on global trade.”
“With drastic tariff increases for more than 100 trading partners, the US president is plunging the world into an open trade war with an American Brexit,” Jandura said. “I assume that conflict will have a significant impact on our economic growth.”
As an exporting nation, Germany is set to be hit particularly hard by the 20% tariff announced by Trump on goods from the European Union, which is due to take effect on April 9.
The country’s crucial automotive sector is already facing massive disruption, as a steep US tariff of 25% on all imported cars came into effect overnight.
dpa
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