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Nearly three out of four companies doing business in Germany and the United States doubt that the US-European trade understanding will be followed by a long-term agreement to cut bilateral tariffs. This shows a study by the American Chamber of Commerce in Germany.

The US President Donald Trump agreed at a meeting with European Commission President Jean-Claude Juncker last month to refrain from imposing higher duties on imports of European cars, while it was reported that both sides were negotiating a cut of other bilateral customs duties.

The agreement has reduced the risk of growing the transatlantic trade dispute and temporary gave a breath to the German carmakers, improving business confidence in the largest European economy. Nevertheless, the survey of the American Chamber of Commerce in Germany showed that the managers of the companies on both sides of the Pacific Ocean remain skeptical, with 71% of them doubting that a lasting solution for tariff reduction will be achieved.

More than 40% of German business companies in the US say that the American market has become less important to them after the escalation of the dispute. On this background, only 20% of US companies in Germany have said that the market in the European country has become less important.

During a telephone conversation on Monday, German Chancellor Angela Merkel and Donald Trump confirmed that they strongly support ongoing discussions between Washington and Brussels to remove trade barriers.

Earlier last week, German and US government officials announced that Washington wants the EU to speed up trade talks, which started after the meeting between Trump and Juncker.