A survey by the German Chamber of Industry and Commerce indicates that a majority of German businesses view the new tariff agreement between the US and EU negatively. Over half of the surveyed companies expect added operational burdens, with only 5% anticipating positive effects. 74% of firms with direct US ties foresee detrimental consequences, prompting more than half to plan a reduction in trans-Atlantic trade. Customs handling has also been revised by 31% of firms, who may pass increased costs onto US customers. The agreement introduces higher tariffs and increased bureaucracy, impacting competitiveness.
"This agreement may have been politically necessary, but for many companies in Germany, it's still a bitter pill. It brings new burdens instead of relief: higher tariffs, more bureaucracy and reduced competitiveness."
"More than half (58%) of the 3,355 companies included in the survey said they expected the deal to increase their burden."
"Altogether 74% of companies that maintain direct business ties with the US foresee negative fallout from the deal, the study showed."
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