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“The 1930s are back,” said Carsten Brzeski, an economist at ING Germany, comparing the wave of trade barriers imposed by the White House to 1930s-era protectionist trade rules.
Hi Germany, I promise here in Denmark we will buy more German and less American.
And at least this time we have EU, and a lot of countries like UK, Canada, Australia, Japan, South Korea, Taiwan and many other countries, that are probably also ready to increase trade with us (EU). Even China could be a partner in this situation.So although it will have an impact, I doubt it will be anywhere remotely close to the 30’s. And if ti’s any consolation, USA will probably be hit harder than Germany.
Not Germany, USA.
Causing economic chaos and sudden large job losses in Germany is surely a way to help Gwrmanys extreme right-wing party AfD. I wouldn’t advise to under-estimate that danger.
Especially since the still-forming social-democrat/conservative coalition is surprisingly quiet on the rise of far-right practices in the US. Being distrustful, one could think that would-be chancellor Merz wants more to govern with the AfD - which, make no mistake, would probably be at least as bad as Trump.