Trade agreement
Customs: Deloitte expects export minus of 31 billion euros
In China, business for German industry has been running bad for years. Many companies therefore exported more to the USA – but that will no longer work thanks to the customs increases.
According to calculations by the Deloitte management consultancy, the US customs increases could mean export losses of up to 31 billion euros in their business with the United States in the medium term. The German exports to the United States could therefore go back by a fifth. After mechanical engineering, the toughest would be hardest with an export minus of 23 percent and loss of 7.2 billion euros, as Deloitte announced in Munich.
The pharmaceutical industry, whose exports to the United States, could therefore decrease by almost 20 percent and 5.1 billion euros, would be in second place. According to Deloitte, larger export losses in the double-digit percentage range must also expect chemical and auto industry.
Higher exports to other countries cannot collect minus
The management consultants assume that German industry will now be increasingly supplying other countries, within the EU, but also to countries such as Indonesia or South Korea. Nevertheless, the Deloitte retailers do not expect German industry to fully absorb their losses in the United States, the bottom of the line is the authors of the calculation with a net export minus of 7.1 billion euros.
The EU Commission had given in to the US pressure on Monday and approved a customs rate of 15 percent applicable to most industries. According to Deloitte calculation, customs on imports from the EU countries increase by more than four times. The management consultancy put the average of the US customs sets last year to 3.5 percent.
dpa
Source: Stern
