As a “challenge” he described the new duties for European products exported to the US by German Finance Minister Katerina Reica, but argued that “the positive is that they provide security”. “To recognize the reality,” the Deputy Government Spokesman asked, while the German industrialists speak of a “blow” to the economy.

It was important to have an agreement on the EU – US trade dispute, Ms Raeche said during her visit earlier today to the Leuna Chemical Park. “The new 15% US duties are a challenge, but the positive thing is that they provide security. It is now important to have clarity in their application. The agreement must apply, “the minister said.

Deputy government spokesman Sebastian Hile said, for his part, that the federal government continues to believe that they are needed in some points and is expecting further negotiations. “The issue now is to negotiate the details of the agreement and our attention is focused on it,” said Mr Hile, who today received a storm of questions about the agreement and whether he really serves European and German interests.

“It is certainly no secret, for example, that, in the field of steel and aluminum, where the tariff rate remains at 50%, we see the need to continue the negotiations,” he said, noting that the European Commission would proceed with the detailed pension of the German agreement.

Responding to criticism of business circles in Germany, arguing that the EU has reached a worse agreement than Britain and Japan, Mr Hile admitted that the trade agreement “must recognize reality”. “If you expect a tsunami and finally there is only a storm, then it is satisfied. This shows a sense of reality on the part of the business community, “he said.

“We will strongly support further talks,” Austrian Minister of Economy Wolfgang Hatmansdorfer also said, referring to steel and aluminum duties. “Regardless of the further details of the agreement, it is clear that areas that are particularly negatively affected by the agreement require targeted support measures by the European Union in order to remain competitive and secure jobs despite huge burdens,” he said.

On the part of business, the German Industrial Association (BDI) sees the new US duties until the beginning of a new commercial order. “We reach levels of duties we have never seen before,” BDI lobbyist Wolfgang Nidermark said, referring to a “blow to the economy” and “a good day for the economy”.

“We expect significant growth losses for our industry. Europe was not in a good negotiating position and urgently needs to enhance its competitiveness to achieve better results. The agreement only provides apparent security, even if it brings benefits for certain areas and if it avoids a escalation in trade dispute, “Mr Nidermark said.

The Association of Pharmaceutical Companies (VFA) described the agreement as a “extensive regression”, which “breaks the duty -free pharmaceutical trade that has been in force for decades and will cost billions of euros in Germany as a center of pharmaceutical industry,” said President Han. “It is not a good news about creating new jobs or investment,” he said, warning that the measure would endanger the care of weak international and Europe as a center of innovation.

Responding to the Deputy Government Spokesman, Bank’s chief economist Ing Karsen Brzeski told Bild that “one can feel relief if a storm comes instead of hurricane, but we must not forget that even a mere storm can” rise “. Mr Brzeski also added that he was expecting German GDP reduction by 0.1 to 0.2%.