Destatis (the German Federal Statistic Office), has reported
that for the first time in history China has overtaken the United
States of America to become Germany's main trading partner.
The reports have also shown a 4% increase in the volume of
trade between the two countries amounting to €170 billion in
This news has received a warm welcome by the German government,
as concerns had spread in Berlin with regard to US President Donald
Trump's protectionist leanings and the potential for slapping
punitive tariffs on German carmakers. United States have slipped to
third place following a 5% contraction in trade volume, while
France now occupies the second position.
However, the latest trade ranking may be misleading, as the
change in trends was due to a stronger demand for imports from
China. The U.S. is still the biggest buyer of German goods.
The shadow of President Trump's challenging measures may
result in Germany seeking to make stronger trade deals with other
countries, with particular attention towards Asian countries. As
trade is expected to become tougher under President Trump's
administration, German companies will be forced to look at
elsewhere for their markets.
Giambrone's China Desk, strategically
located within the Munich office and directed by Luja Ling, provides top-notch legal expertise
and assistance to private and corporate clients in respect of a
wide range of commercial legal issues, from drafting of complex
contractual transactions and trade agreements where cross-border
factors are implicated incorporating the re-location of employees,
obtaining premises and recruiting new staff, to the legal
requirement of individuals. The China Desk additionally
provides assistance to European companies going the other way with
the intension of relocating to China.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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On January 16th 2016, Implementation Day was announced. This marks the day on which the International Atomic Energy Agency verified that Iran implemented its agreed nuclear-related commitments contained in the JCPOA.
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