BERLIN - Germany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a double whammy which could bring a golden decade of growth in Europe’s powerhouse economy to an end.
Nonetheless, faced with the threat of a recession, Finance Minister Olaf Scholz is prepared to bend Germany’s strict debt rules, a senior government official told Reuters on condition of anonymity. The most important export destination for German cars last year was the United States with revenues of 27.2 billion euros, followed by China with 24.7 billion euros and Britain with 22.5 billion euros, the data showed.
FILE PHOTO: Volkswagen export cars are seen in the port of Emden, beside the VW plant, Germany March 9, 2018. REUTERS/Fabian Bimmer/File Photo “In case of a disorderly Brexit, there will be short-term negative effects such as increased uncertainty and adjustment processes, though these are hard to quantify,” an economy ministry spokesman said.
German car exports to the United States could fall by almost 50 percent in the long term if Trump was to impose car tariffs of 25 percent, the Ifo institute has estimated.
Source: Car News Wire (carnewswire.net)
The number of countries Germany can flood with cars is diminishing... time to get friendly with Russia again.
Shame
But but but...Europe doesn’t need Britain according to UK remainers... Could they be...incorrect about this like they have been with other predictions?
Don’t overestimate Anglo self-importance. It’s a big world out there for 🇪🇺 and not just for Brexit🇬🇧
It is temporary confusion.
God I hope they go through with it and don't cuck out and just stall forever. This year is going to be absolute magic for my shares in popcorn.
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