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Proposed Washington tariffs could halve German car exports to U.S.: Ifo

Published 02/15/2019, 05:05 AM
Updated 02/15/2019, 05:05 AM
© Reuters. Cars and containers are pictured at a shipping terminal in the harbour of the German northern town of Bremerhaven

BERLIN (Reuters) - Proposed 25 percent import tariffs on cars by the United States could cut German car exports to the U.S. by up to 50 percent in the long-term and heavily affect exports to other countries, a study by the German Ifo institute showed on Friday.

"These tariffs would cut total car exports from Germany by 7.7 percent, which would amount to 18.4 billion euros," Gabriel Felbermayr, foreign trade expert at Ifo, said in a statement.

The U.S. Commerce Department is set to meet a Sunday deadline to deliver its recommendations to President Donald Trump on whether imported vehicles and parts pose a national security risk, and to outline options on how to address the issue, officials said on Thursday.

(This story corrects to change to "billion" from "million" in 2nd paragraph.)

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