10.03.2026 - The primary export market for German companies is shifting from a stabilizing force to a risk factor for the German economy. Nearly a year after the so-called Liberation Day and the latest announcement of blanket US tariffs on imports from almost all countries, trade tensions are escalating further, with noticeable consequences for the German economy. This is highlighted by a special evaluation conducted by the German Chamber of Commerce and Industry (DIHK) based on a national survey of German companies with international business operations.

These burdens exceed pure tariff costs: More than two-thirds of companies with US business cite trade policy uncertainties as a significant obstacle to their activities. 54 percent report increasing costs in customs procedures and growing bureaucracy. “Ironically, the US, which often accuses the EU of excessive bureaucracy, is itself massively increasing the administrative burden with its tariff policies,” said Volker Treier, DIHK’s Chief of Foreign Trade. “The complex regulations concerning steel and aluminum tariffs, in particular, are pushing many companies to their limits.” 37 percent of all surveyed companies are affected by sectorial tariffs on steel and aluminum – this rises to 62 percent in mechanical engineering – with cross-industry effects along the value chains.

The additional tariff costs are not without consequences: Nearly three-quarters of companies pass them on fully or partially to their US customers. Thus, while US importers and, ultimately, consumers in the United States bear the costs of tariff policies, the higher prices simultaneously weaken the competitive position of German exporters in the US market. For 13 percent of businesses, the consequences are already severe: Their exports to the USA are noticeably declining or vanishing entirely.

Even Washington’s declared goal of channeling investments into the US market has shown little impact to date. On the contrary, the combination of tariff policies and ongoing uncertainty leads to hesitation. Half of the companies plan to reduce investments in the US or postpone already announced projects.

“The USA remains a key market – but it is evolving from a growth driver to a risk for many companies,” said Volker Treier, DIHK’s Chief of Foreign Trade. “Constant new tariff announcements, changing legal frameworks, and unresolved reimbursement issues create instability rather than reassurance. For export-oriented companies, this is detrimental to investments and trade.”

You can access the special evaluation here: 
Going International 2026, Special Evaluation on Company Stresses Due to Trade Policy Tensions with the USA (PDF, 1 MB)