German industry hit by US tariff impact, relevant organizations call on European Union to renegotiate trade agreement with the US.

Impacted by factors such as extra tariffs imposed by the United States, the German industrial industry, especially the automotive industry, is facing severe challenges. German industrial insiders stated that the US tariff policy, as well as high energy prices and weak domestic demand, are putting pressure on industry development. Yang Brucker, Managing Partner of Ernst & Young in Germany, pointed out that German exports to the US have sharply declined, resulting in a significant impact on the industry. Data released by the German Federal Statistical Office on August 7th shows that industrial output in Germany fell by 1.9% month-on-month and 3.6% year-on-year in June, reaching the lowest level since May 2020. German exports to the US have dropped for the third consecutive month, hitting a new low since February 2022. Analysts note that external factors such as the additional US tariffs are putting pressure on the German industrial sector.