BRUSSELS (dpa-AFX) - German stocks are up marginally in cautious trade on Tuesday amid concerns about global trade after U.S. President Donald Trump imposed new tariff rates on partners including Japan and South Korea but left the door open for additional negotiations, saying that the earlier notifications were 'not 100 percent firm.'
As the deadline for increased duties has been pushed off until at least Aug. 1, there are hopes the major economies would eventually strike some deals.
According to media reports, the Trump administration has offered a proposal that would keep a 10% baseline tariff on all EU goods, with some exceptions for sensitive sectors such as aircraft and spirits.
The benchmark DAX was up 26.44 points or 0.16% at 16,878.25 a little while ago.
Zalando is down by about 1.7%. Siemens Energy, Fresenius Medical Care, Fresenius, Qiagen, Vonovia, Porsche, BASF, RWE, Volkswagen and Beirsdorf are down 0.4 to 1.2%.
Commerzbank is gaining nearly 2%. Rheinmetall, Bayer and Daimler Truck Holding are advancing more than 1%. MTU Aero Engines, Merck, Deutsche Bank and SAP are up with modest gains.
In economic news, data from Destatis showed Germany's exports declined for the second straight month in May due to the sharp fall in demand from the US amid tariff threats.
Exports decreased by more-than-expected 1.4% on a monthly basis in May, following April's 1.6% fall. Economists had forecast a 0.2% drop.
Imports slid 3.8% from last month, in contrast to the 2.2% increase in April. Imports were forecast to drop only by 0.9%.
The trade surplus increased to a seasonally adjusted EUR 18.4 billion from EUR 15.7 billion in the previous month.
Year-on-year, exports advanced 2.8% in May, reversing a 5.1% drop last month and imports logged a faster growth of 6.1% after a 0.4% rise in April.
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