【财经分析】德美经贸降温折射跨大西洋裂痕加深

Core Insights - The economic relationship between Germany and the United States has significantly deteriorated since the beginning of 2025, primarily due to policy uncertainties impacting German direct investment and exports to the U.S. [2] Investment and Trade Decline - German direct investment in the U.S. from February to November 2025 was €10.2 billion, a sharp decline from nearly €19 billion during the same period the previous year, representing a year-on-year decrease of approximately 45% [3] - Exports from Germany to the U.S. also saw a notable decline, with a year-on-year drop of about 9% from February to October 2025. Key sectors such as automotive and machinery experienced significant reductions, with automotive exports down nearly 19% and machinery exports down about 10% [3] - The decline in these sectors, which are critical to Germany's industrial competitiveness, signals a deeper issue in the economic relationship between the two countries [3] Deepening Fractures and Growing Concerns - Concerns are rising among German economists regarding the U.S. economic policy, which is perceived as making the U.S. a high-risk market for German companies. The ongoing tariff threats have diminished expectations for stabilizing transatlantic economic relations [4] - A recent poll indicated that approximately 75% of Germans view the U.S. as an unreliable partner, reflecting a decline in public trust [4] - Experts suggest that Germany should diversify its economic partnerships to reduce reliance on the U.S. market, as current U.S. foreign policies are seen as detrimental to European and German interests [4] Calls for Gold Repatriation - Amidst the uncertainty surrounding U.S. economic policies, there are increasing calls within Germany to repatriate a portion of its gold reserves stored in the U.S., which amounts to over 1,200 tons, representing more than 30% of Germany's total gold reserves [5] - The geopolitical uncertainties and the perceived risks of storing such significant reserves in the U.S. have prompted discussions among German officials and economists about the need to bring these assets back to Germany [5][6]