US tariffs will hurt prosperity of Germany and will cost country 20 billion euro this year, Reuters informs with reference to German IMK (Institute of Macroeconomic Policy).

US introduced duties to steel and aluminum from European Union from June 1 and threaten to implement the same measures to cars and spare parts.

Without such measures export growth would be much higher, and companies would have stimulus for new investments, experts in IMK think. As a result, we can observe reduction in earnings and jobs.

On Friday head of Chamber of Commerce said that implementation of tariffs to import of cars, considered by the US now, will result in reduction of Germany's economic output by 6 billion euro.