European economy predicted shocks if Trump is elected president

The publication recalls that Europe has not yet recovered from the consequences of the energy crisis caused by the conflict in Ukraine and the sanctions policies of Western countries, as a result of which since the beginning of the decade the European economy has grown by only 4 percent compared to twice its growth in the United States.

Against this background, a new challenge could be a trade war with the Americans, which journalists predict is very likely in the event of a new Trump presidency. While his first term saw an exchange of measures targeting imports of steel and aluminum from Europe, as well as motorcycles and whiskey from the United States, Trump is now calling for at least 10 percent tariffs on all goods imported from Europe, and his advisers are calling for even more stringent measures, the publication says.

It is noted that the situation threatens all European exports to the United States, the volume of which reached 500 billion euros in 2023 and could directly affect 20 of the 27 EU countries that have a positive trade balance with overseas partners.

Earlier, analysts at the investment bank Citi predicted a five percent jump in the dollar and a sell-off in bond markets if the Republicans led by Trump win the November US elections. The dollar rose in 2016, when the candidate was elected president, and declined in 2020, when he lost the seat to Democrat Joe Biden.

#European #economy #predicted #shocks #Trump #elected #president
2024-03-29 17:55:35

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.