German IW Economics Institute: A hard-Brexit scenario would hurt German automakers the most

According to finding by the German Economic Institute (IW), a hard-Brexit scenario could mean more than €3 billion in tariffs per year for companies in Germany. 

Key highlights:

   •  A hard-Brexit scenario would hurt German automakers, which may be subject to 60% of those tariffs.
   •  Believes German companies would in long-term response to a hard-Brexit scenario with elevated prices and shifts of their trade routes.