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BREAKING NEWS

German firms would face billions in extra tariffs in hard Brexit - IW

German firms would face billions in extra tariffs in hard Brexit - IW
An anti-Brexit demonstrator holds a flag outside Downing Street in London, Britain, September 24, 2018. REUTERS/Toby Melville -
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TOBY MELVILLE(Reuters)
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BERLIN (Reuters) - A hard Brexit would result in extra tariffs of more than 3 billion euros (2.6 billion pounds) for German companies per year, a German institute said on Tuesday, adding that German exports to Britain could drop by up to 57 percent.

The IW economic institute in Cologne said such a scenario would hit Germany's mighty auto sector particularly hard as it would face around 60 percent of those extra costs.

In the long term, a hard Brexit would probably result in price rises and a shift in Germany's flows of goods, the IW said.

(Reporting by Michelle Martin; Editing by Maria Sheahan)

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