节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：6/10
特朗普政府关税政策持续对跨大西洋贸易关系构成显著压力，2025年前三季度德国对美出口数据已反映这一影响。德国经济研究所（IW）最新发布的对美出口分析报告显示，受美国进口关税上调及重点行业需求疲软双重拖累，前三季度德国对美商品出口规模出现大幅收缩。数据显示，2025年前三季度德国对美商品出口总额同比2024年同期下滑7.8%，终结了2016-2024年期间年均5%的持续增长态势。出口收缩直接映射出关税壁垒升级与下游需求疲软的叠加效应。
分行业来看，汽车及零部件出口降幅最为显著，同比下滑近14%；机械与化工品出口亦分别录得9.5%的双位数降幅，显示关税政策对德国优势ĺ..
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