Germany's trade surplus with the United States hits record level as Trump tariffs loom

Germany's trade surplus with the United States is heading towards a record level just before the arrival of US President-elect Donald Trump to the White House, an analysis of statistics office data showed.

While the German statistics office released November trade data on Thursday, Reuters calculations of 11-month figures showed that between January and November the German trade surplus with the United States exceeded 65 billion euros ($66.95 billion). , well above the previous record of €63.3 billion reported. for the entire year 2023.

“German exports to the USA have developed very well in recent months and are now at a record level,” says Jens Suedekum of the Institute for Competition Economics (DICE) in Düsseldorf.

However, the trend could reverse after Trump's inauguration on January 20, as the Republican has promised to impose 10% tariffs on global imports, in measures he says would boost American manufacturing.

Last month, he also said European Union countries would face more tariffs unless the bloc increased imports of American oil and gas.

“No European country will be as affected as Germany,” Suedekum said. “It will raise trade barriers and ask German industrial conglomerates, such as automakers, to move production to the United States.”

Reuters calculations showed that in the first 11 months of this year, German exports to the United States increased by 2.3% to 149.9 billion euros compared to the same period in 2023, consolidating the United States' position as the main buyer of “Made in Germany” products. .

“This is also a result of the economic boom in the US and the Biden administration's targeted offensive to restore modern industrial production in the US,” Suedekum said.