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Finance Minister Lars Klingbeil blamed the US president's "irresponsible war in Iran" for harming the Germany economy.
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Lars Klingbeil said the US president's actions in the region had caused a "global energy shock".
German officials have slashed the projected tax revenue for 2026-2030 by around €70bn ($82bn; £60.52bn). The downgrade "shows just how much the war in Iran is harming our economy", Klingbeil said in Berlin.
Last month, German Chancellor Friedrich Merz infuriated Trump with his suggestion that the White House had been "humiliated" by Iranian negotiators - comments which prompted the US president to threaten to withdraw thousands of US troops from bases in Germany.
Since coming to office a year ago, Chancellor Merz has often indicated that Trump's policies have changed the traditionally close relationship between the US and Europe.
In February, for instance, Merz said "a deep divide has opened between Europe and the United States". But the German chancellor has visited the White House twice in a year in an effort to smooth the strains in trans-Atlantic ties.
Alongside other European countries, Germany has been critical of the war that the US and Israel launched against Iran on 28 February, which has considerably raised fears of a global economic downturn.
Germany's coalition government has been struggling to boost the economy which has been stagnant for years, with high energy costs and a weak demand for exports playing a significant role.
Last month, Merz told students that "the Americans clearly have no strategy" and he could not see "what strategic exit" they were going to choose.
"The Iranians are obviously very skilled at negotiating, or rather, very skilful at not negotiating, letting the Americans travel to Islamabad and then leave again without any result," he said.
The "entire nation" was being "humiliated" by the Iranian leadership, he added.
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