Outlook for German exports improved again in February 2026, but emerging uncertainty around U.S. tariff policy is clouding the picture. Sentiment in Germany’s export industry rose in February, indicating a better near-term outlook for shipments abroad. However, recent developments in tariff policy under U.S. President Donald Trump have introduced a new source of risk for exporters. 

Analysts say the improvement in export sentiment suggests firms expect demand to strengthen, yet heightened tariff uncertainty could disrupt trade flows and investment decisions if policies shift. Market participants will be watching policy moves closely for any tangible impact on export orders and global trade conditions. 

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