https://www.mauldineconomics.com/frontlinethoughts/the-tariff-recession
“Between 2000 and 2024, Germany’s trade balance as a share of its gross domestic product grew from a deficit of 1.5% to a surplus of 5.8%. During this same period, the country’s share of factory jobs fell from 20% to 16%. A 2021 study found that the decline in manufacturing job shares was similar in both US and German industrial hubs despite the stark differences in national trade balances.”
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