European Machinery Exports Face New Tariff Threats

Germany's VDMA warns that over half of machinery exports from Germany and Europe to the U.S. could face tariffs if Washington expands its list in December, urging the EU to renegotiate the deal. The German Engineering Federation reports 56% of exports could be affected by these changes.

The German Engineering Federation has sounded an alarm over potential tariffs that could disrupt more than half of machinery exports from Germany and Europe to the United States. This follows a statement on Tuesday urging the European Union to revisit existing tariff agreements with the U.S.

VDMA, representing around 3,600 companies in the machinery and plant engineering sector, revealed that the percentage of exports potentially impacted by steel and aluminum tariffs could climb to 56%, up from 40% after earlier adjustments in August.

As Washington considers expanding its list of taxable goods come December, the looming tariffs stand to significantly affect the export industry, making renegotiations a critical agenda for EU trade representatives.

(With inputs from agencies.)