German exports could grow less than expected this year due to the threat of protectionism under U.S. President Donald Trump, the head of the BGA trade and wholesale association said on Tuesday.
Anton Boerner said in Berlin that Trump’s first actions in office were “alarming” and that his protectionist agenda was posing a threat to both the U.S. and German economies.
“There is much as stake for us due to the close economic links between our country and the United States,” Boerner said, adding Trump’s protectionism was adding to a long list of trade-related risks, including Britain’s decision to leave the European Union and the development of the euro zone debt crisis.
Therefore, there is a “big question mark” over BGA’s export growth forecast of 2.5 percent in 2017, Boerner added. It sees exports hitting a new record of 1.235 billion euros (£1.06 billion) this year.
Source: Reuters (Reporting by Michael Nienaber; Editing by Madeline Chambers)