Germany's Companies Clash the Biggest Trade Obstacles Since 2008

Forex News

A poll, conducted by the DIHK Chambers of Industry and Commerce showed that German companies are facing the biggest trade barriers since the financial crisis of 2008. According to DIHK, the expected exit of the UK from the European Union and the trade protectionism of the US continue to create uncertainty for German companies.

About 40% of the firms surveyed said that over the last 12 months they faced higher barriers to doing business abroad, compared to 31% of the 2017 survey. Still, a quarter of the companies said they expect business to improve, as the global economy remains on the rise, thanks to the recovery in the Eurozone, North America and many Asian countries.

This survey was conducted before US President Donald Trump introduced tariffs for imports of steel and aluminum and proposed duties on Chinese goods. The trade dispute between China and the United States also overshadows the prospects for German exports, which unexpectedly fell in February, and showed largest monthly drop in more than two years.