By
Reuters
Revealed
January 10, 2025
The German commerce surplus with america is heading in the direction of a file stage simply earlier than U.S. President-elect Donald Trump arrives on the White Home, an evaluation of statistics workplace knowledge confirmed.
Whereas the German statistics workplace revealed commerce knowledge for November on Thursday, Reuters calculations of 11-month figures confirmed that between January and November German commerce surplus with the U.S. exceeded €65 billion ($66.95 billion), effectively above the earlier €63.3 billion file reported for the total 12 months 2023.
“German exports to the U.S. have developed very well in recent months and are now at a record level,” stated Jens Suedekum from the Duesseldorf Institute for Competitors Economics (DICE).
The pattern may reverse, nonetheless, after Trump’s inauguration on January 20, because the Republican has promised to impose tariffs of 10% on world imports, in measures he says would increase U.S. manufacturing.
Final month, he additionally stated European Union international locations would face extra tariffs except the bloc stepped up imports of U.S. oil and gasoline.
“No European country will be as badly affected as Germany,” Suedekum stated. “He will erect trade barriers and ask German industrial conglomerates, such as car manufacturers, to relocate their production to the USA.”
Reuters calculations confirmed that within the first 11 months of this 12 months, German exports to america elevated by 2.3% to €149.9 billion in contrast with the identical interval of 2023, consolidating the U.S. place as the highest purchaser of products “Made in Germany”.
“This is also a result of the economic boom in the U.S. and the targeted offensive of the Biden administration to re-establish modern industrial production in the U.S.,” stated Suedekum.
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