German companies are increasingly facing uncertainty in their economic relations with the United States. This is evidenced by the results of the “Going International 2026” study conducted by the German Chamber of Commerce and Industry (DIHK), which surveyed nearly 2,400 companies operating internationally. According to the survey, 67% of companies cite trade and political uncertainty as the main challenge in working with the US market. Other key factors include rising customs and bureaucratic costs (54%), financial market instability and currency risks (48%), the possible introduction of a 15% basic tariff (44%), and US export restrictions and sanctions affecting third countries (41%).
As Volker Treier, Head of Foreign Trade at DIHK, notes, the US remains a crucial market for German businesses, but for many companies it is gradually shifting from a growth driver to a risk factor. Rising import tariffs directly impact product costs and companies’ margins. According to the study, 73% of German exporters are passing on additional costs, either fully or partially, to American customers: 62% are doing so through price increases, and 11% are sharing the costs with business partners. Only 14% of companies are absorbing these costs themselves, while for 13%, the new tariffs have caused a reduction or complete halt in exports to the US.
The new trade policy is also affecting companies’ investment plans. Instead of expanding their presence in the US, many companies are adopting a wait-and-see approach: 33% are postponing planned investments, 17% are planning to reduce them, and a third of companies expect no changes. Meanwhile, only 10% of respondents intend to increase their investment in the US economy, while 7% are considering launching new projects or shifting investments from other regions. Against this backdrop, 43% of German companies expect business in the US to worsen in 2026, while only 16% predict an improvement.