April 19, 2018 / 8:12 AM / a year ago

U.S. tariffs on metal imports won't dampen German exports: economic institutes

FILE PHOTO: People enjoy the sunset in front of a container ship at the Elbe river in Hamburg Germany March 20, 2018. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) - U.S. tariffs on steel and aluminum imports would not dampen German exports if an exemption granted to the European Union expires on May 1 without a permanent solution, Germany’s leading economic institutes said on Thursday.

But they warned in a report that an escalation of a trade dispute between major economic blocs would have a big impact on German exports and the economy, which they expect to grow by 2.2 percent this year and by 2.0 percent in 2019.

The institutes also said an upswing in Europe’s largest economy was losing momentum.

Reporting by Joseph Nasr; Editing by Gareth Jones

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