United States – Former US President Donald Trump poses a long-term headache for Europeans, as he pledged to increase tariffs on all goods coming from the European Union if he returns to the White House.
As for the European Union, which is still suffering from the consequences of the energy crisis and opposes Chinese imports, it may receive a “triple shock” if Trump carries out his promises.
They doubted his abilities
According to a recent poll conducted by the Wall Street Journal, Trump is ahead of current US President Joe Biden in 6 of the 7 most swing states before the US elections. Usually, many voters are dissatisfied with the country’s immigration policy and economic situation. In addition, “doubts are growing regarding Biden’s capabilities and eligibility for a new presidential term.”
The newspaper indicated that the position of both candidates is bad, but Biden is in a more difficult position. When the survey participants were asked to choose the best candidate physically and mentally to run the White House, 48% responded to Trump and 28% responded.
Old ways
While preparations are underway for the final election battle, Trump has already outlined an action plan to protect American economic interests, and as reported by the Washington Post, Trump intends to prepare 60% tariffs on all Chinese imports.
As the Economist newspaper wrote, the former US president, who launched a trade war not only with China, but also with the European Union, will not forget Europe this time either.
According to the article, Trump will announce the need to impose tariffs of at least 10% on all goods from the European Union, and will take tougher measures over time.
The economy is in recession
Trump’s unfriendly intentions cause concern for Europeans, as they have not yet recovered from the consequences of the energy crisis.
Since the beginning of the decade, the European economy has grown by only 4% compared to 8% growth in the United States, and since the end of 2022 European GDP has begun to stagnate, including in the United Kingdom, where growth has almost stopped.
The European Union is also under pressure from growing industrial production and increasing imports from China.
“Cheap Chinese imports put European domestic producers at risk, making them unable to compete and forcing them to reduce the number of employees,” said Yaroslav Ostrovsky, a specialist in the strategic research department at Total Research. On the other hand, European consumers benefit from lower commodity prices, which indirectly contributes to lower inflation.”
Serious consequences
Trump still finds the European Union more difficult to deal with than any other party, and the former president believes that the European Union has long used the United States for its own interests in the field of trade.
Evgeny Shatov, of Capital Lab, said: “For more than three years, the US trade deficit with the European Union has exceeded $200 billion. Therefore, Trump’s arrival to power will bring the “threats of added tariffs” back to the forefront, and this will bring Washington billions of dollars in revenue, which will provide an opportunity to reduce taxes on domestic producers.”
If Trump returns to his old ways, the situation of all European exports to the United States will be at risk and will directly affect 20 of the 27 EU countries that have a positive balance of trade with partners abroad.
Source: Novosti
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2024-04-04 13:22:34
