Financial Insights That Matter
By Christian Kraemer
BERLIN (Reuters) – Germany’s Finance Minister Joerg Kukies warned on Friday that U.S. tariffs would hit both the German and the U.S. economies and that Berlin was working to prevent an escalating trade war.
Kukies made the statement to Reuters after meeting his U.S. counterpart, Treasury Secretary Scott Bessent, and other members of the Trump administration in Washington.
The United States announced late on Wednesday 25% duties on imports of finished cars and certain components from April 3, dashing hopes for lower rates or exemptions after several short-term policy changes suggested there might be wiggle room.
“Higher tariffs will hit German car manufacturers and the entire German economy particularly hard. But they will also harm the U.S. economy, because they will make imports more expensive and increase prices for consumers in the U.S.,” he said.
Export-oriented car companies in Europe, most notably Germany’s big automakers, are heavily exposed.
“At the European level, we will continue to work on measures to protect our own economy. However, it is also clear that there are only losers in a trade conflict,” he added.
(Reporting by Christian Kraemer, writing by Tom Sims; Editing by Gareth Jones)
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