German Finance Minister Jorg Kukies highlighted the anticipated negative effects of new tariffs, expected to be announced by President Trump, on both the US and Germany. He explained that US consumers would face higher car prices, as German manufacturers produce more vehicles locally than they import. Kukies expressed optimism that the announcement would open avenues for negotiations, promoting a potential free trade area between the US and EU. He believes that achieving zero tariffs could enhance competitiveness and lead to balanced trade.
German Finance Minister Jorg Kukies warned that new tariffs announced by the US will have a significant negative impact on both the US and German economies.
Kukies emphasized the disproportionate effect on US consumers, particularly as German automakers manufacture more cars in the US than they import from Europe.
He suggested that the tariff situation presents an opportunity for negotiations, expressing hope for a free trade area that could lead to zero tariffs on both sides.
Kukies advocates for balanced and fair trade through mutual tariff reductions, enhancing competitiveness and promoting free trade efficiencies.
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