FRANKFURT, Germany (AP) — A survey of investor confidence in the German economy has fallen to its lowest level since August 2012 on fears of an international trade war.

The ZEW index fell to minus 24.7 points in July, from minus 16.1 points in June.

The ZEW institute's head, Achim Wambach, said Tuesday that fears about a trade war with the United States outweighed positive news about employment and industrial production.

U.S. President Donald Trump has imposed tariffs on steel and aluminum imports, including from the European Union, and on a range of Chinese goods. China and the EU retaliated with new tariffs, or import taxes, of their own. Germany's economy is heavily dependent on global trade, with exports 47 percent of gross domestic product.