It will hit back immediately. It will target the industries that will hurt the most. And it won’t be bullied or pushed around. We can expect to hear lots of tough rhetoric from European leaders today as the bloc prepares to retaliate against Donald Trump’s threat of tariffs of 10 per cent or more on European exports to the United States. There is just one problem, however. It can talk as tough as it wants to – but it is still going to lose.
With 25 per cent levies already in place on Canada and Mexico, and 10 per cent on China, steep tariffs on Europe now look inevitable. The EU is ‘a strong economic area and has its own courses of action,’ according to the German Chancellor Olaf Scholz, while France’s Industry Minister Marc Ferracci demanded a ‘biting’ response.
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