Open markets and free trade secure growth and employment. Despite the impact of the Corona pandemic on global trade flows and occupational mobility, the German mechanical and plant engineering industry exports over 80 percent of its components, machinery and equipment. The most important sales markets besides the EU are China and the USA - with an upward trend. The export business is threatened by the increasing protectionism worldwide. It is therefore now time to rethink foreign trade policy.
Everyone loses if the international division of labor ceases to exist. This is the conclusion of a report commissioned by the IMPULS Foundation of the VDMA. Mechanical engineering in particular would suffer disproportionately from the closure of global supply chains due to its strong international integration.
VDMA-President Carl Martin Welcker comments on the following issues:
Does the machinery engineering industry already encounter growing trade barriers around the globe?
Which consequences would the machinery engineering industry have to face if growing protectionism would replace open markets?
What lies behind Donald Trump’s “America-first” message?
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