Pantheon Macroeconomics economist Claus Vistesen said in a report that before US President Trump imposed tariffs, the German industrial order data trend was flat. Following a fall in January, factory orders stalled in February. He said that new orders from non-Eurozone export markets increased by 3.4%, which indicates some pre-tariff measures, but the overall increase was not significant. However, Vistesen notes that prior to the announcement of tariffs, surveys showed that growth was accelerating. Ifo's on-hand orders index jumped, while the manufacturing PMI climbed to its highest level since August 2022. “This is encouraging, but in the face of renewed trade uncertainty, these green shoots are now being severely tested,” he said.

Pantheon Macroeconomics economist Claus Vistesen said in a report that before US President Trump imposed tariffs, the German industrial order data trend was flat. Following a fall in January, factory orders stalled in February. He said that new orders from non-Eurozone export markets increased by 3.4%, which indicates some pre-tariff measures, but the overall increase was not significant. However, Vistesen notes that prior to the announcement of tariffs, surveys showed that growth was accelerating. Ifo's on-hand orders index jumped, while the manufacturing PMI climbed to its highest level since August 2022. “This is encouraging, but in the face of renewed trade uncertainty, these green shoots are now being severely tested,” he said.