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German, US companies concerned – survey

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FILE PHOTO: U.S. and European Union flags are pictured during the visit of Vice President Mike Pence to the European Commission headquarters in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir/

BERLIN (Reuters) – Nearly three out of four companies doing business in Germany and the United States doubt that a US-European trade truce reached last month will be followed by a lasting agreement on large-scale tariff cuts, a survey showed on Tuesday.

US President Donald Trump agreed during a meeting with European Commission President Jean-Claude Juncker in July to refrain from imposing tariffs on European cars while the two sides said they would negotiate to cut other tariffs.

The interim deal has reduced the risk of a full-blown transatlantic trade dispute, bringing relief especially for German carmakers and lifting business morale in Europe’s largest economy in August.

A survey by the American Chamber of Commerce in Germany (AmCham) showed, however, that company executives on both sides of the Atlantic remain sceptical, with 71 percent doubting whether a lasting agreement to cut tariffs can be reached.

More than 40 percent of German companies doing business in the United States said the US market had become less important for them since the escalation of the trade dispute, the survey showed.

This compared with 20 percent of US companies doing business in Germany.

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