Trump tariffs: Does EU have to fear trade war with US?
With the reelection of Donald Trump, many European businesses fear a wave of promised tariffs that could lead to a trade war. Are they overreacting or does the EU need to be better prepared?
Donald Trump loves tariffs. In his first term in office as US president, he introduced a slew on washing machines, solar panels, steel and aluminum imports that hit countries around the world — political ally or not.
During the most recent presidential campaign, he promised even more. Now, in just over two months, the self-declared "tariff man" will be sworn in as the 47th president.
In a bid to bring manufacturing jobs back to America, Trump had considered adding a 10% tariff on all imports into the US, then upped that to 20%. Anything from China would be hit with a devastating 60% duty.
EU as a 'mini China' for Trump
Trump has focused a lot of attention on China, but has also called the EU a "mini China." In late October, he warned that the bloc would pay in the end and promised to pass the "Trump reciprocal trade act."
"They don't take our cars. They don't take our farm products. They sell millions and millions of cars in the United States," he said at a rally in Pennsylvania. "No, no, no. They are going to have to pay a big price."
The European Union does sell far more to the US than it buys from it, but the two have a lot in common and a lot to lose.
A tariff conflict between the US and the EU could also turn into a problem for the US economy. Unprovoked US tariffs would undoubtedly lead to retaliation through counter-tariffs. This would make European goods more expensive for American consumers, push up prices in general and contribute to inflation.
High US tariffs on Chinese goods could also hurt Europe. If China can no longer export to America, it will look to Europe to dump goods, possibly flooding the market.
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