New US tariffs under Trump are impacting German exports and trade relations

New tariffs imposed by the United States under Trump are causing significant changes in trade with Germany. German exports to the US are expected to decline in 2025 as a result of these measures.

A study estimates that factors including US tariffs, along with the Covid pandemic and the war in Ukraine, have cost Germany $1 trillion. The uncertainty from the US tariff decision is also affecting the German stock market, holding back the DAX index.

In response, the president of the German industry association BDI is calling for Germany to stick to existing trade agreements with the US. Some German commentary has also raised questions about the security of German gold reserves stored in the United States.