Germany posts record trade surplus with the United States
Germany posted a record trade surplus with the United States last year, and could be the hardest hit by tariffs Donald Trump is threatening to impose on the European Union.
The trade balance with the United States, the world’s largest economy and a major market for German cars, pharmaceuticals and mechanical tools, amounted to 71.4 billion Euros, according to data published Friday.
In 2024, the United States will once again be Germany’s largest trading partner, with goods worth 255.4 billion Euros, regaining the lead that China had held since 2016, according to revised data from the Destatis statistics office.
German exports to the United States amounted to 163.4 billion Euros, up 4% in a year to account for 10.5% of the country’s total exports.
With the country in recession for two years and Germany’s share of the Chinese market deteriorating, Europe’s largest economy fears a new blow if Donald Trump carries out his threat to impose tariffs on EU products.
German products make up a large part of the large trade surplus between the European Union and the United States.
Trump had said during his election campaign, “They don’t take anything from us, they send us millions and millions of Mercedes, BMWs and Volkswagens”.
Berlin was in the Republican billionaire’s crosshairs during his first presidential term.
The German central bank has warned that US tariffs on German products could cause the country’s GDP to fall by 1%.
