German exporters optimistic for first time in months despite possible Trump tariffs
3:20 am Tuesday, November 26th, 2024
BERLIN (Reuters) – The mood in Germany’s export industry improved slightly in November as companies, generally cautious about foreign business developments, wait to see which trade policies U.S. President-elect Donald Trump will implement, a survey said on Tuesday.
The Ifo economic institute’s indicator for export expectations rose to minus 5.9 points in November from minus 6.5 points in October, the first increase in six months.
“Companies are unsettled but are still waiting to see which trade policy Trump will ultimately implement,” said Klaus Wohlrabe, head of Ifo surveys.
“In addition, the dollar has appreciated strongly since the election, which may benefit exporters,” he added.
Some analysts assume that German deliveries to the United States could initially increase in the coming months as companies there try to order goods before the possible introduction of tariffs, which would make them more expensive.
Trump, who announced plans for drastic tariff increases on imports from Canada, Mexico and China on Monday, had said during his election campaign that he would place high tariffs on goods from the European Union.
That would hit the already lagging German economy particularly hard as the U.S. is the largest buyer of its goods.
(Reporting by Rene Wagner and Miranda Murray, editing by Ed Osmond)
