Germany’s industry warns about risk of trade collapse in Europe, in case if the UK and EU do not come to agreement in regards to existing differences on UK’s future after Brexit, Bloomberg reports with reference to BDI and IW.

In case if the UK exits EU without any deal, export from Germany to this country may fall by 57% due to tariffs and customs barriers. Industry sectors, which will suffer the most in such situation scenario, include logistics, automobile, aerospace, pharmaceutical and chemical sectors.

EU summit on Brexit is planned for October 17. The UK already hinted on Monday that there is no breakthrough in negotiations, and it is waiting on next step on behalf of EU in regards to UK’s future related to the bloc.

It shall be noted that Brexit already hit German companies. Some of chemical and pharmaceutical firms spent a much as 100 million euro trying to prepare to this event.