Germany Faces €735 Billion Economic Loss; US-China Trade Tensions Escalate Over Tariffs

Germany's economy has suffered a loss of €735 billion over the past five years due to the COVID-19 pandemic, the war in Ukraine, and geopolitical disruptions, according to a study by the German Economic Institute (IW). The institute stated that these economic losses surpass those of the last 25 years, with a significant impact on business investments and private consumption. In response to increased U.S. tariffs on Chinese imports, particularly on medical products, China has accused the U.S. of using the fentanyl issue as a pretext. The Chinese Embassy in the U.S. stated that countermeasures are necessary to defend its rights and interests, further adding that intimidation and coercion will not work with China.