Steelwood Interior, a German furniture manufacturer, has released a detailed market analysis exploring the potential economic implications of the 2024 US presidential election on German industries. The report identifies significant challenges for export-driven sectors and small-to-medium enterprises, particularly in light of possible trade restrictions and tariff changes.
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The analysis warns that the global economic uncertainty surrounding the election could heavily impact German companies, with export-dependent industries like automotive being particularly vulnerable. Smaller, specialised businesses may also encounter hurdles due to anticipated shifts in trade policies. Among the key concerns highlighted is the potential for increased tariffs on European Union goods, which could strain the relationship between Germany and its largest export market. In 2023, the United States imported €157.9 billion worth of German goods, marking a 20-year high, according to Germany's Federal Statistical Office (Destatis).
The report also assesses the performance of German furniture exports to the US, which rose by 5.6% to €158.4 million between January and July 2024. Despite the continued demand for German furniture in the American market, stricter trade policies could pose challenges for larger firms already engaged in international trade. For smaller manufacturers like Steelwood Interior, the analysis suggests that rising import costs for premium furniture could hinder future expansion and exacerbate price pressures. Additionally, proposed tax cuts for US businesses may enhance the competitiveness of domestic American manufacturers, potentially reshaping market dynamics in Europe and creating long-term obstacles for German furniture makers.
Although Steelwood Interior does not currently export to the US, the company views the potential economic shifts as a vital factor in its strategic planning. The analysis underscores how evolving trade policies and market pressures could disrupt international trade and intensify competition within the industry.
Steelwood Interior, based in Meppen, Germany, specialises in crafting bespoke solid wood tables. Combining steel and solid wood, their handcrafted furniture is renowned for its attention to detail and unique design.
This report highlights the importance of preparation for German businesses as they navigate the evolving global trade landscape. Steelwood Interior remains committed to adapting its strategies to meet future challenges while maintaining its dedication to quality craftsmanship.
More information:
Steelwood Interior
www.steelwood-interior.de