Donald Trump's victory in the US presidential elections presents Europe with a genuine threat of a trade war between America and the European Union. This is reported by Politico.
The publication notes that during his campaign, Trump promised to impose draconian 60% tariffs on all goods from China, as well as 10-20% tariffs on products from other countries, particularly from Europe. He aims to protect the domestic market and make it more accessible for American manufacturers.
European officials recall how in 2018, Trump initiated a trade war by introducing a 25% tariff on steel and a 10% tariff on aluminum from Europe. It is expected that his second term will likely be even worse in this regard. Europeans are particularly concerned that the EU is now more dependent on American liquefied natural gas.
European officials and diplomats state that the EU is prepared to respond swiftly and firmly to any tariffs imposed by Trump, in order to compel him to negotiate. Currently, Trump is receiving proposals for cooperation, but preparations are also underway to react to any potential hostile actions from him.
"We must prepare for a much more aggressive tone and possibly attempts at coercion in transatlantic commercial diplomatic relations," said David Kleimann, a senior trade expert at the ODI think tank.
According to the Kiel Institute for the World Economy (Germany), if Trump indeed begins to impose large tariffs on imports, it will lead to "significant economic losses." Specifically, the GDP of the European Union could shrink by 0.5%, and Germany's by as much as 3.2%. China's losses could be even greater.
"If the American side imposes unjustified tariffs on EU products, we are ready for that and will respond. If Trump continues with his announced tariff fantasies, then we will bring him back to reality and defend ourselves," said Bernd Lange, a veteran of the European Parliament and chairman of the Committee on International Trade.
US Elections: Consequences of Trump's Election
As reported by UNIAN, MP Ivanna Klimpush-Tsintsadze believes that Donald Trump's election as President of the United States does not necessarily mean that military assistance to Ukraine will be curtailed. She noted that Trump is a pragmatist.
A similar opinion was expressed by Alexander Merezhko, the chairman of the Foreign Affairs Committee in the Verkhovna Rada. However, he pointed out that Ukraine will need to work hard to convince Trump to continue support in the war against Russia.