Panter: Companies must develop markets outside the USA

Saxony's Economics Minister Dirk Panter (SPD) believes that the planned US tariffs for EU countries will force the domestic economy to open up new markets outside the USA. "We will support them in this with everything we can," said the minister. The tariffs of 30 percent on European imports announced by US President Donald Trump from August would also have an impact on Saxony. "Tariffs seal off markets. Tariffs restrict trade. Tariffs burn money and cost jobs."

Panter, who also used to work as an analyst and associate at the former US bank J.P. Morgan & Co in New York, is now hoping for serious talks between the US and the EU. Otherwise the EU will have to react with counter-tariffs. A tariff dispute between the USA and Europe would hurt everyone. "For US citizens, all goods produced outside their country in the EU will then become noticeably more expensive. US goods within the European Union could also soon become more expensive."

"I am relying on the economic common sense in the US, which can still be found outside the US government. I am counting on the USA to give in, reconsider its drastic, nationalistic market demarcation and return to economic common sense," emphasized the Minister.