Name: How a European Company Is Impacted by a Weak Dollar and U.S. Tariffs
Uploaded: 2025-10-10T16:52:00Z
Duration: 1 min 54 s
Description: Christian Klein, CEO of SAP, discusses how United State’s economy and policies are effecting his business on a global scale.

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"We're trying to build an infrastructure at a pace the world has never seen before," Said Mike Intrator, CEO of CoreWeave. This interview was recorded on Jan. 21, 2026, at the World Economic Forum meeting in Davos, Switzerland.

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Christian Klein, CEO of SAP, discusses how United State’s economy and policies are effecting his business on a global scale.

https://m.wsj.net/video/20251010/ed72e493-5e99-49d2-bf37-2238e118bdf2/1/hls/manifest-hd-wifi.m3u8

How a European Company Is Impacted by a Weak Dollar and U.S. Tariffs

A couple more macro questions for you. What about the weaker dollar? A lot of talk about that here in the United States. It's been a pretty dramatic drop. How does that affect your business?

I would say I could live with a stronger dollar better. Because we are headquartered in Europe, and of course the biggest business, top line wise is in the US. But of course we do hatching, and we report at constant currency so that all of our investors and shareholders can also see how the underlying business really performs. So it's not really now a massive impact with regard to our business, our operations, obviously it hits our nominal figure, so cashflow, et cetera. But, you know, over the last 10 years it wasn't up. It was a down. And so for me, I really wanna focus on that the underlying business is strong.

What about President Trump's tariffs? Hard to keep track of them sometimes, but they're out there. How does that impact a software business like yours?

I mean, for us, actually, on the one hand side, we need to help our customers to manage those tariffs. So they're now reshuffling supply chains. They need to adhere to new regulations. I mean, this is all what our software does, and our customers can rely, despite their very dynamic times, we gonna make sure that they can run their business on a continuous basis also according to the new regulations. The business itself, SAP, you know, we are not hit, there's nothing like a digital tax neither in Germany, nor in the US. And obviously we are also having a very, very strong footprint here in the US. We have a software and cloud here in Washington. We are running, you know, big parts of the US government. Obviously we are adhering to all of the direct requirements here. So we have a very, very strong footprint in the US. We are proud about that. And we are actually also planning to expand this footprint.