According to model-based analyses performed by the Bundesbank, economic output could be ½ per cent lower in both the United States and China over the medium term compared with potential developments in the absence of the trade dispute. Other economies would also tend to be harmed, albeit to a lesser extent. The euro area and Germany would suffer only a little.
Having said that, the German economy would certainly profit from strengthening competition in the domestic market as well. Take the services sector as an example. For the last  BIS central bankers’ speeches  1  20 years, total factor productivity growth in services has been markedly lower than in manufacturing.