Germany assessed the damage caused by new US duties

New US duties could cost Germany 200 billion euros in losses during the presidency of Donald Trump in the United States. This was reported on March 3 by Bild, referring to a report by the German Institute of Economics (IW).

"The damage during Trump's four—year term of office may amount to about 200 billion euros," the article says.

In addition, the Institute also estimated the estimated damage to the European Union (EU), which amounted to €750 billion.

The authors of the study called the 20% tariff for Germany an "economic disaster." In this situation, they believe that the European Commission should act cautiously, but from a position of strength.

Trade Warrior: How new US duties will affect the global economy

Donald Trump announced the introduction of fees for all products supplied to the United States.

On April 2, Trump announced large-scale measures: base tariffs of 10% are being introduced for all products supplied to the United States. For the EU, this figure has been raised to 20%, and for China — to 34%. In his speech, the president called April 2 the day when Americans will become rich again.

Later, experts reported that the volume of imports to the United States from countries where duties were imposed could decrease by at least 10-15% this year.

On April 3, Georgy Ostapkovich, director of the HSE Center for Economic Studies, said that the introduction of US duties on imported goods could trigger a chain reaction that could lead to a global financial crisis.