US tariffs could cost Germany over €30 billion annually

After the US imposed a 15% import tariff on most European Union goods, Germany's losses could amount to up to 31 billion euros annually in the medium term, according to the calculations by the consulting firm Deloitte, Report informs.

"In the medium term, exports from Germany to the US will decrease by 20%. This will result in an annual loss of 31 billion euros," the company stated.

Germany's engineering sector will suffer the most from the tariffs, losing 7.2 billion euros as a result of a 23% reduction in exports. German pharmaceutical companies' exports to the US will decrease by 20%, with losses reaching 5.1 billion euros. The tariffs will also affect the chemical, automotive, and electrical engineering industries.

However, the losses could be partially compensated by redirecting to other markets, particularly to other European Union countries, Indonesia, or South Korea.