According to Federal Chancellor Friedrich Merz (CDU), the compromise in the customs conflict between the EU and the USA will hit the export -oriented German economy hard.
“The German economy will take significant damage through these tariffs,” said Merz after a session of the security cabinet in Berlin.
However, the effects were not limited to Germany and Europe. “We will also see the consequences of this trade policy in America.” There will be not only a higher inflation rate, but also an impairment of transatlantic trade as a whole, said the Chancellor. “In my firm conviction, these tariffs are not in the interests of the United States of America.” That will show the time.
Merz: Obviously, more was not possible
The EU and the United States had agreed that the customs set should be 15 percent on most imports. This should also apply to cars, semiconductors and pharmaceutical products. For certain goods such as aluminum and steel, the tariffs should be 50 percent unchanged.
“I am not satisfied with this result in the sense of ‘that’s a good thing’,” emphasized Merz. But: “Obviously, more was not possible.” Merz expressly thanked the EU Commission for her tireless negotiations with the US government. “I personally didn’t expect more than this result. But again: This result cannot be satisfied with us, but it was the best thing to achieve in the given situation.”