The US administration’s trade policy poses major challenges for respondents: Following various tariff announcements, the business conditions with the United States have become unpredictable for German companies—especially since the US Supreme Court declared one of the core legal foundations of US trade policy illegal in February. The consequences remain uncertain.

Main Obstacle: Uncertainty

Consequently, 67 percent of companies rate uncertainty as the greatest burden in US business, ahead of costs—primarily related to the sectoral tariffs on steel, aluminum, and their derivatives—and bureaucracy in customs procedures (54 percent) or exchange rate/financial market risks (48 percent).

Ultimately, German products often become more expensive in the United States: 73 percent of German exporters pass on customs costs entirely or partially to their US customers; only 14 percent accept a reduced margin. Another 13 percent report reducing their exports to the US.

Trade Policy Not Acting as Investment Booster

Contrary to the expectations of the US administration, the tariff increases have not significantly prompted German companies to scale their local operations: Only 17 percent of businesses plan more or additional investments in the US, 33 percent postpone investments, and another 17 percent even plan to reduce them.

Muted Business Prospects

Against this backdrop, businesses are pessimistic about the future of their US engagement: 43 percent expect worse business in the US by 2026. However, 16 percent of respondents anticipate an improvement in US business, placing it in the lower mid-range worldwide.

The complete survey results are available for download: 

Going International 2026, special analysis trade tensions with the US (PDF, 1 MB)