Up to 300,000 jobs in Germany are estimated to be at risk if U.S. President-elect Donald Trump follows through on his threat to impose new tariffs on imports from the European Union.

According to the Süddeutsche Zeitung, which published a related study by the Institute for Macroeconomic and Business Cycle Research (IMK), if Mr. Trump imposes tariffs ranging from 10% to 20% and other countries retaliate with counter-tariffs, approximately 300,000 jobs in Germany could be lost. Even if the tariffs are limited to the lower end of the range previously announced by the President-elect, the number of jobs lost would not be fewer than 200,000.

Additionally, the Prognos Institute reports that 1.2 million jobs in Germany are tied to exports to the United States. This figure represents 10% of all jobs that depend directly or indirectly on exports.