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The trade war is part of a 'perfect storm' hitting Europe's biggest economy

London (CNN Business)Fears that Germany could be dragged into recession by the trade war between the United States and China were stoked on Wednesday by data showing that production in Europe's manufacturing powerhouse plunged in June. Industrial output dropped more than 5% compared to the previous year, a performance that suggests Europe's largest economy may have contracted in the second quarter. "We would characterize today's industrial production report as devastating, with no silver lining," wrote economists at Dutch bank ING. "We should prepare for contraction in the German economy."Germany relies heavily on exporters that sell a disproportionate amount of goods to China and the United States, which are locked in a bitter trade war. L ...
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