According to calculations by the consulting company Deloitte, Germany’s losses from the US’s 15% import tariffs on most EU goods could amount to up to 31 billion euros per year.
“In the medium term, exports [from Germany — ed.] to the United States will decrease by 20%, resulting in a loss of 31 billion euros per year,” Deloitte said in a report.
According to the company, German engineering will be the most affected by the tariffs, losing 7.2 billion euros due to a 23% decrease in exports. German pharmaceutical companies’ exports to the United States will decrease by 20%, resulting in a loss of 5.1 billion euros.
Deloitte noted that Germany will be able to partially compensate for the losses by reorienting its exports to the markets of other EU countries, Indonesia, or South Korea.
Earlier, the Association of German Research and Development Pharmaceutical Companies called the EU-US trade agreement a “serious step” back for global healthcare and for Europe as a center of innovation.
