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Global spiral of tariffs maximizes the damage, German trade body says

( February 3, 2025, 12:14 GMT | Official Statement) -- MLex Summary: The Trump administration's new trade policy is harmful for the growth prospects of the global economy and also for the US, the Federation of German Industries (BDI) has said in response to the US government's announcement of tariffs on products from Mexico, Canada and China. Wolfgang Niedermark, a member of the BDI executive board, said Germany's industry is directly affected by the duties because it also supplies the US market from factories in Mexico and Canada. A spiral of duties and counterduties maximizes the damage, Niedermark said, encouraging the European Commission to search for a negotiated solution with the US government.Statement follows. ...

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