U.S. Customs Deal Draws Criticism from Siegen-Wittgenstein
In the face of escalating trade disputes between the EU and the US, businesses in the Siegen region of Germany are reassessing their strategies, with many considering reducing or stopping investments, as well as reducing trade activities with the US.
According to a flash survey by the German Chamber of Industry and Commerce (DIHK), 58% of companies expect new burdens, and around 54% of companies with US business in the IHK Siegen district plan to reduce their trade activities with the US. This trend is not limited to the Siegen region, as the trade dispute is also negatively impacting businesses in the North Rhine-Westphalia region.
Dr. Thilo Pahl, CEO of the IHK Siegen, has highlighted that many businesses are facing rising material costs and supply shortages due to the trade dispute. In response, companies are looking at the European internal market as a potential solution to the burdens caused by the US trade dispute.
The European internal market is perceived as a potential source of stability and reliability for companies. A survey by the DIHK found that 73% of companies view the European internal market as a stable and reliable economic area. Companies from Siegen-Wittgenstein and Olpe are seeking better prospects in the European internal market due to the uncertainties in US business.
Despite the uncertainties in US business, the transatlantic market is still considered important by many companies. Dr. Pahl emphasizes that the transatlantic market remains indispensable for many companies. However, the increase in the US basic tariff and sectoral tariffs, such as on steel and aluminum, is heavily burdening regional companies in the chamber district of the IHK Siegen.
As a result, companies are assessing the European internal market as a potential alternative to US business. Businesses with direct US business are particularly affected, with 74% expecting rising costs and bureaucratic hurdles. In response, many companies are considering new markets to minimize the impact of trade disputes.
The companies from Siegen-Wittgenstein and Olpe, in addition to the USA, are seeking new markets to minimize the impact of trade disputes. The focus is on export growth, with a 7.3% increase in foreign sales in the Siegen industry sector, indicating active market diversification efforts.
While the specific company names are not mentioned in the available search results, it is clear that the companies from Siegen-Wittgenstein and Olpe are actively seeking to diversify their markets to mitigate the effects of trade disputes. The European internal market offers a potential solution to the burdens caused by the US trade dispute, providing a source of stability and reliability for companies.
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