European Commission president Ursula von der Leyen cautioned this morning that the global economy will face severe repercussions due to tariffs imposed by US President Donald Trump. The 20% tariffs, which target the EU, have led von der Leyen to express a cautious hope for negotiations, while EU leaders, including French president Macron, are convening emergency meetings to address immediate impacts. Estimates reveal that major German car manufacturers could lose up to 11 billion euros, affecting long-term relations and trust with the US, as experts warn of lasting damages.
Ursula von der Leyen warned that the global economy will massively suffer due to US tariffs, urging a shift from confrontation to negotiation despite ongoing tensions.
Emmanuel Macron called an emergency meeting with sectors affected by Trump's tariffs, highlighting the urgent response needed from the EU to manage the fallout.
Macroeconomic estimates suggest that US tariffs could cost German automakers up to 11 billion euros, representing a significant portion of their total exports to the US.
Moritz Schularick emphasized the long-term consequences of broken trust in the US, likening the situation to a bendable stick that, once bent too much, may break permanently.
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