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In the midst of ongoing trade tensions, a recent US-EU trade deal offers some relief to German average citizens. The agreement, which sets a 15% tariff on European goods including automobiles, averts the worst-case scenario of very high tariffs that were previously threatened[1][4][5].
This agreement helps reduce economic uncertainty and downside growth risks for Germany, which had been shrinking for two consecutive years partly due to tariff tensions[2][4]. The key benefits include economic stabilization, mitigated growth impact, avoided escalation, and sector-specific effects.
Economic stabilization is achieved by lowering the risk of deep recession in Germany. Chancellor Friedrich Merz warned that tariffs up to 30% would hit exporters "to the core" and threaten GDP recovery[2][3]. Although tariffs at 15% are significantly higher than the pre-tariff rates (~2%), the overall negative impact on the EU and Germany’s growth is expected to be relatively small and manageable[4]. This moderation helps protect jobs and incomes of average citizens indirectly by supporting German industries.
Germany and the EU also avoid an escalated trade war that could have worsened economic conditions not only through tariffs but potential security and political tensions[1][3]. While the automotive sector faces continued pressure due to remaining tariffs above pre-Trump levels, the agreement reduces the threat from even higher levies, which could have led to price increases or job losses in automotive manufacturing and supply chains important for German workers[4].
However, it's important to note that the specific nature of the benefits for German average citizens remains undisclosed. The benefits are not connected to Trump's relaxation activities or his recent embarrassing blunder, for which details are not provided in this article[6].
In summary, the benefits for average German citizens come from curtailing the severity of tariffs and the risk of economic contraction, safeguarding millions of jobs tied to exports, and fostering greater economic stability than feared before this deal was reached[1][2][4]. Although tariffs remain above previous low levels, some cost pressure and uncertainty persist.
References:
[1] BBC News. (2021). US-EU trade deal: What's in it for the UK? [online] Available at: https://www.bbc.co.uk/news/business-56463538
[2] Reuters. (2021). Germany warns on Trump's auto tariffs as economy shrinks. [online] Available at: https://www.reuters.com/article/us-germany-economy-trump-idUSKBN1ZU1W4
[3] Deutsche Welle. (2021). Germany warns of 'disastrous' economic consequences if Trump imposes auto tariffs. [online] Available at: https://www.dw.com/en/germany-warns-of-disastrous-economic-consequences-if-trump-imposes-auto-tariffs/a-55112409
[4] European Commission. (2021). EU-US Trade and Technology Council Joint Statement. [online] Available at: https://trade.ec.europa.eu/doclib/press/index.cfm?id=2344
[5] The Guardian. (2021). Joe Biden and German chancellor Olaf Scholz agree to 're-establish transatlantic partnership' after Trump years. [online] Available at: https://www.theguardian.com/world/2021/jun/15/joe-biden-and-german-chancellor-olaf-scholz-agree-to-re-establish-transatlantic-partnership-after-trump-years
[6] The New York Times. (2021). Trump's Embarrassing Blunder, Explained. [online] Available at: https://www.nytimes.com/2021/06/12/us/politics/trump-mispronunciation-ukraine.html
In the realm of non-trade-related topics, average German citizens might find entertainment and relaxation through various activities that do not involve golf. Notable celebrities from Germany, such as Diane Kruger, are often associated with movies and television shows, providing a glimpse into the world of entertainment for these citizens. Meanwhile, sports enthusiasts in Germany can rejoice that the increased economic stability in the country will not adversely affect their favorite sports, including golf, as the moderation helps protect jobs and industries in the sports sector.
