Germany’s DIHK: US-China trade dispute hitting German companies - Reuters

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-Sino trade dispute.

Key Findings:

“Among its members doing business in China, 41 percent were already affected by the higher tariffs when exporting to the United States while 46 percent reported higher costs when importing from the United States.

Among the German companies doing business in the United States, 57 percent said they already faced negative effects when exporting to China while 75 percent reported disadvantages such as higher costs when importing from China.”

Volker Treier, Foreign Trade Chief at the DIHK, noted: “The dangerous trade dispute between the U.S. and China is also hitting German companies doing business in the two countries. The impact is huge: nearly half of the imports from German companies are directly or indirectly affected by the new tariffs, for example, because they source raw materials or components from the other country.”