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By Christian Kraemer
BERLIN (Reuters) – Germany’s Finance Minister Joerg Kukies warned on Friday that U.S. tariffs would hit each the German and the U.S. economies and that Berlin was working to stop an escalating commerce warfare.
Kukies made the assertion to Reuters after assembly his U.S. counterpart, Treasury Secretary Scott Bessent, and different members of the Trump administration in Washington.
America introduced late on Wednesday 25% duties on imports of completed automobiles and sure parts from April 3, dashing hopes for decrease charges or exemptions after a number of short-term coverage adjustments recommended there could be wiggle room.
“Increased tariffs will hit German automobile producers and the whole German economic system notably arduous. However they can even hurt the U.S. economic system, as a result of they are going to make imports dearer and improve costs for customers within the U.S.,” he stated.
Export-oriented automobile firms in Europe, most notably Germany’s large automakers, are closely uncovered.
“On the European stage, we’ll proceed to work on measures to guard our personal economic system. Nevertheless, it is usually clear that there are solely losers in a commerce battle,” he added.
(Reporting by Christian Kraemer, writing by Tom Sims; Enhancing by Gareth Jones)
