The latest US tariff regulation on steel and aluminum will increase the burden on the German engineering industry, according to its association VDMA.
According to a new VDMA survey, the average tariff rate for affected companies has increased from 21% to 26% in just one week, starting on April 6, Kallanish reports. "Despite the simplification of procedures, many companies have found themselves in a worse economic situation," says Tilo Brodtmann, executive director of VDMA. About half of the respondents said they were more affected by the new rules. Only about a fifth of the respondents see the benefits, while a third do not report the changes.
The US administration argues that the revised tariffs will provide relief for Europe. "However, the expected relief has not occurred for the European engineering sector," says Brodtmann. In this regard, the VDMA calls on the European Union to ensure a mandatory tariff limit of 15% for the engineering industry during negotiations with the United States.
Author: Christian Kel Germany
Kallanish.com
