German businesses are gloomier this month. A regular survey of some 7,000 firms in Europe’s largest economy showed morale unexpectedly dropped.

It was previously at its highest level in almost three years.

The United States is Germany’s most important single export destination and President Donald Trump’s protectionist comments have unsettled German politicians and business leaders.

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But economist Klaus Wohlrabe at the Ifo research institution, which carried out the surveys, said the weaker morale does not seem to be linked to the new man in the White House: “So far Donald Trump has had no effect on the current surveys, which surprised us because his remarks would indicate not such a good mood, or sentiment suffering in the German export industry. But surprisingly, export expectations rose, and for now, that sentiment is still very optimistic. But of course nothing concrete has been decided so far.”

Dampener

Others were not so sure. Dekabank economist Andreas Scheuerle said: “It did not even take a week for US President Trump to put a dampener on the mood of German companies.”

Business Adviser

About Business Adviser

International Business federation is a non-profit interenational organisation . Its activities include Organising Global and International Business Conferences and Networking Events, Arranging Business Mentoring Programme, Arranging Business Expo etc. Its aims are: i) Promoting international business collaboration ii) Promoting business growth through showcasing business at international level and networking iii) Promoting innovation through cross fertilisation of ideas and business mentoring. iv) Helping dynamic collaboration between the emerged and emerging markets.

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