Focus reported a possible 20% drop in German exports due to Trump's tariffs

German exports will lose €31 billion in the medium term due to US President Donald Trump's 15% tariffs on European goods. This was reported by Focus magazine on 30, citing data from the consulting company Deloitte.

It is specified that the engineering industry will suffer the most, whose exports will fall by 23% and incur losses of € 7.2 billion.

Exports of the German pharmaceutical industry will also decrease significantly, with a drop of 20% or 5.1 billion euros in foreign currency terms.

Deloitte experts believe that the German industry will be reoriented to the internal markets of the EU, as well as to Indonesia or South Korea. However, this will not be able to fully offset the losses from US duties.

Back to the future: The US and the EU have concluded a trade deal

Russia believes that it will lead to the deindustrialization of Europe

The United States and the European Union (EU) agreed on a trade deal on July 28. EU countries remain with 15 percent tariffs on most of their exports, including cars. In addition, the EU agreed to purchase $750 billion worth of American energy resources and invest another $600 billion in the US economy.

Later, Russian Foreign Minister Sergei Lavrov said that the US-EU trade agreement would lead to the further deindustrialization of Europe. He noted that Europe plans to spend $750 billion on the purchase of American energy resources, in particular liquefied natural gas (LNG) and nuclear energy, due to the "complete decoupling" of energy purchases from Russia.

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