Roland Busch, CEO of Siemens discusses the impact global trade tariffs will have on earnings, and claims its German business holds it back.

Brussels

The CEO of Siemens has highlighted that the latest trade deal between the European Union and the United States has brought certainty to the market, which is expected to encourage new investments. While the ongoing tariff discussions have previously led to hesitancy in investment, the agreement is seen as a positive step for global trade.

Siemens reports that the direct impact of tariffs on its business this fiscal year has been minor, thanks to its strong 'local for local' manufacturing strategy in key markets like the United States and China. The company continues to focus on productivity, supply chain adjustments, and cost management to remain resilient amid global trade uncertainties.

EU-U.S. trade deal triggers investments: Siemens CEO

to take time. This is another, we are looking for another quarter which is weak, again automotive hold back, also all machine builders, they are not really picking up now. And this has to be seen in a greater context. So due to this tariff discussions, nobody started investing, so we need certainty. And with the latest deal, also in particular between United States and Europe, we have now certainty which we believe would then trigger investments going forward. How did the tariffs or do the tariffs, I should actually ask you in present term, affect your business and the outlook? Because clearly that whole tariff war isn't over. First, the most important point was of course to have certainty now, which is good. We would have reached lower tariffs, we are clear for global trade. But the impact on our Siemens businesses for this current fiscal year is minor. That's interesting. How do you actually digest those tariffs then? Because clearly, can you pass on higher costs to your customers or is it something you can kind of countermeasure with or do have some countermeasures in place by perhaps cutting costs or what do you do? The most important element is that we are a global company with a very, very strong local for local content. So the local for local content in the United States is 85 plus percent. Same, by the way, for China. So this is really a very, very strong global footprint we have. We invested also in our manufacturing sites, for example, for smart infrastructure, for electrification. We doubled our capacity there. That helps quite a bit, number one. Number two is, of course, we're looking at supply chains. What can we do in order to see how we can change our value flows? Thirdly, of course, we are talking about prices and we are working on our costs constantly. Productivity is super important. So therefore, this is the plan. For mobility, for example, in some cases we have contracts which allow to adapt according to tariffs. So this is the bag we have at Siemens, which makes us more resilient than maybe others. But the most important element is indeed our local for local footprint.

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