00:00Exports to the U.S. have declined as exports to China, but still Germany is a very big exporting economy
00:09and of course there are still vast amounts of goods being sold in the U.S.
00:13But as I said, after a few good years in the last years, German exports to the U.S. have
00:18declined by something like 15 percent as a consequence of the tariffs.
00:23So the tariffs do have a negative impact.
00:26More generally, the German exports used to grow with global GDP and that's something we've lost now.
00:36So German exports overall are stagnating while the world economy is growing and I think that does show that things
00:42have changed for Germany.
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