The customs agreement reached between the European Union and the United States has caused additional economic concerns for the majority of companies in Germany.

Axar.az reports that this was stated in the results of an online survey conducted by the German Chamber of Industry and Commerce (DIHK).

58% of respondents said the agreement would bring additional burdens. Among companies with direct trade relations with the U.S., this figure reached 74%.

Out of the 3,355 companies participating in the survey, only 5% said the customs agreement would have a positive economic impact.

DIHK Director General Helena Melnikov said that while the agreement is politically necessary, it represents a “bitter reality” for German companies. She noted that the new agreement would lead to tax increases, additional bureaucracy, and a decline in competitiveness.

Melnikov also added that there is uncertainty about the stability of the agreement and that the European Commission must insist on real economic progress in upcoming negotiations. According to the agreement, a 15% customs duty will be applied to products imported into the U.S. from the EU.