Industry association BDI now warns of a "China shock 2.0" hitting German industry, after unemployment passed three million in July and carmakers came under pressure from tariffs, the shift to electric vehicles and Chinese rivals.
Germany's export-driven industry, above all its car manufacturers, is being squeezed by trade tariffs, the switch to electric vehicles and competition from Chinese companies. How far that pressure reaches the wider economy is tracked in the country's monthly unemployment figures.
The industry association BDI said a 'China shock 2.0' is hitting German industry hard, Handelsblatt reported on Sunday. The report deals with trade relations between the two countries; further detail was not available.
The number of people out of work in Germany rose above three million in July, Handelsblatt reported on Friday. The country's carmakers are struggling with tariffs, the growth of electric vehicles and competition from Chinese companies, according to the New York Times.