Germany's foreign trade surplus with the United States fell to its lowest level between January and July since 2021, official figures showed on Friday, as the new tariffs implemented by the Trump administration appear to make their mark, reported dpa.
While German businesses continue to export more goods to the US than vice versa, the trade surplus dropped some 15% compared to the same period last year, totalling €34.6 billion by the end of July, according to the German statistical office.
Globally, Germany's trade surplus fell by 21.2% to €121.3 billion, partly due to an imbalance with China, as German businesses exported significantly less than Chinese goods were being imported.
Despite the decline, the trade surplus with the United States remains the highest among all of Germany's trading partners.
However, trade has been hampered by new levies introduced by US President Donald Trump, with a 15% baseline tariff applying on EU imports since August 7.
Steel and aluminium exports to the US have been subjected to 50% tariffs since June.
While most German exports in July went to the United States, the volume declined for the fourth consecutive month, dropping to the lowest level since December 2021.
In the first seven months of this year, German exports to the US fell by 5.3% to €89.9 billion compared with the same period last year.
At the same time, imports from the US rose by 2.2% to €55.3 billion.
Europe's largest economy has achieved an export surplus with the US every year for more than three decades. The last time the country recorded trade deficit with Washington was in 1991.
- Tariffs
- US
- Germany
Source: www.dailyfinland.fi
