Concerns over potential economic crisis in Europe following Trump’s election win

Shafaq News/ On Wednesday, concerns over a potential economic fallout in Europe following Donald Trump's victory in the US presidential election surfaced, especially given his plans to impose new tariffs.

Trump has suggested tariffs of 10% to 20% on imported goods, a proposal that has raised alarms across the European Union, with officials warning of a potentially "catastrophic crisis" for Europe.

French newspaper Le Figaro noted that "new import tariffs could intensify trade tensions, with a 10% to 20% increase being substantial compared to the current average 3.3% rate on foreign imports. This tariff hike would impact European exports severely, heightening fears across EU member states."

Former European Commissioner Thierry Breton has warned of a "deadly crisis for Europe" if Trump returns to the White House. Christian de Boissieu, an economics professor at the University of Paris 1, echoed this sentiment, saying that Trump’s election is "not good news for Europe," as it signals a substantial increase in trade barriers.

Former French President François Hollande also voiced concerns, stating that "Trump’s win could lead to higher unemployment in France, slower economic growth, and rising inflation," attributing this to the likely rise in US budget deficits and the prospect of significant shifts in American monetary policy.

Politico previously reported that the EU has prepared contingency measures in case of a major trade conflict with the US, while the Financial Times mentioned that the EU is developing a trade strategy that could involve imposing steep tariffs on US imports if negotiations fail to protect European interests.