Following Other Countries, Germany Condemned Trump's Plan on Tariffs for Imported Metals

Forex News

Germany does not support the decision of the US president to introduce tariffs for the import of metals in the United States. Previously, US President Donald Trump signed an order to impose tariffs on the import of steel at a rate of 25% and 10% for aluminum. The White House also allowed exceptions to new duties in the case of Canada, Mexico, as well as other countries that will convince the US that their products "no longer threaten national security." Europe is the largest exporter of steel in the United States, which accounts for almost 5 million tons of total annual imports of about 35 million.

Germany, like China, is convinced that such a measure risks undermining the global trading system, and Trump's policy jeopardizes the order of a free global economy. Earlier, Chinese Commerce Minister Zhong Shan said any trade war with the United States would only bring disaster to the world economy. Brussels in turn, warned Trump that would impose countermeasures if tariffs harm trade. The US industries, processing steel and aluminum, have also criticized the tariffs as landing them with higher costs.

Trump has also threatened to hit Europe's carmakers with import tariffs, in the event of any EU retaliation. Such a move would be particularly harmful for Germany and its auto industry, since the US is one of its carmakers' main markets, and cars and vehicle parts are Germany's biggest source of income for goods exports.