DIHK: German Companies Affected by Higher US-China Tariffs
According to a survey by the German Chambers of Industry and Commerce (DIHK), the German companies doing business in both countries are suffering from escalating US-China trade dispute. The United States is Germany's biggest single export destination, while China is the most important business partner in overall trade volumes for German companies.
According to DIHK, German companies have invested 400 billion euros ($466.60 billion) in the United States and 80 billion euros in China. They employ more than 850.000 people in the United States and some 700.000 in China.
Among the German companies doing business in the United States, 57% said they already faced negative effects when exporting to China while 75% reported disadvantages such as higher costs when importing from China.
The survey also showed, that 41% of German companies doing business in China said they were affected by higher tariffs when exporting to the US. And 46% reported higher costs when importing from the United States.