Germany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a dou...
BERLIN - Germany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a double whammy which could bring a golden decade of growth in Europe’s powerhouse economy to an end.
The Berlin government is already facing a budget shortfall of up to 25 billion euros by 2023 as the economic slowdown means tax revenues will come in below previous estimates, according to a finance ministry document. Exports make up nearly half of its economic output and cars are by far its main export with annual sales worth 230 billion euros , data from the Federal Statistics Office showed.
A confidential report by the U.S. Commerce Department sent to Trump in mid-February is widely expected to pave the way to impose duties on imported autos and auto parts by designating them a threat to American national security.A no-deal Brexit, meanwhile, would see Britain falling back to the status of a third country under the rules of the World Trade Organisation .
“In case of a disorderly Brexit, there will be short-term negative effects such as increased uncertainty and adjustment processes, though these are hard to quantify,” an economy ministry spokesman said. German car exports to the United States could fall by almost 50 percent in the long term if Trump was to impose car tariffs of 25 percent, the Ifo institute has estimated.
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