Germany’s DIHK Association of Chambers of Commerce and Industry said on June 11th that the escalating trade dispute with the United States is causing huge uncertainty among German exporters that are also indirectly burdened by US sanctions against Iran and Russia. Foreign trade chief at the DIHK, Volker Treier, told Reuters, “The G7 summit fiasco showed how deep the political rift is and what dangers could still lurk ahead.”

Treier said that the US import tariffs on steel and aluminium and possible additional duties on automobile imports clearly violate international rules. He also stated that unilaterally imposed US sanctions against Russia and Iran were also putting a increasing burden on the German economy.

Treier claimed that many German companies are currently winding down operations abroad and stopping efforts to develop new business due to likely extra-territorial effects of the US sanctions.