"300,000 German jobs will be lost if Trump tariffs 20%"

As U.S. President-elect Donald Trump predicted, 300,000 German jobs will be lost if universal tariffs of 60% on China and up to 20% on other countries.

The Institute of Macroeconomics and Economics (IMK), a private German research institute, predicted that Germany's overall exports would fall by 15% if Trump imposes universal tariffs and other countries respond with retaliatory tariffs.

There are an estimated 1.2 million jobs related to exports to the U.S. in Germany, with 300,000 reportedly more than twice as many jobs in Germany for carmaker Volkswagen.

Germany's exports account for 40% of its gross domestic product (GDP). The large surplus it collects against the United States, its largest trading partner, is expected to be the biggest victim of Trump's tariffs along with China.

According to the German Statistical Office, exports to the U.S. in 2023 were €157.9 billion, or 9.9% of the total, and KRW 237 trillion, while imports were €94.7 billion, or 6.9% of the total, or about KRW 142 trillion.