In an interview with BNP Paribas Zertifikate Magazin – a German publication specializing in financial markets and economic policy – Jan Knuf (Research Associate at RFBerlin) discussed the potential consequences of trade tariffs proposed by Donald Trump. He warned that sweeping tariffs—up to 60% on Chinese imports and 10–20% on goods from other countries—could disrupt global trade and negatively impact both U.S. consumers and exporters.
Knuf emphasized that a more effective path to improving the U.S. trade balance lies in strengthening industrial competitiveness through targeted investment in infrastructure and vocational education. He also noted that trade deficits are not inherently harmful, as they are often accompanied by beneficial capital inflows and integrated supply chains.
The full interview is available in German on the BNP Paribas website.
