Trade War Escalates: Trump Announces Tariffs Against the EU
Economists warn: the impact could be worse than the FTX collapse and the COVID-19 pandemic.
Former U.S. President Donald Trump has announced plans to impose new, severe tariffs on the European Union, raising concerns about another wave of economic instability. Given his previous trade measures against Canada, Mexico, and China, experts fear that this new round of the trade war could destabilize global markets, including the cryptocurrency sector.
What Is Trump Planning?
Trump has long criticized the EU’s trade policies, accusing Brussels of unfair competition and high tariffs on American goods. In a recent speech, he hinted that if he returns to the White House, major changes in global trade policy will follow.
Potential U.S. tariff measures:
- Increased tariffs on European car imports.
- New restrictions on agricultural products.
- Greater pressure on countries cooperating with China.
What Are the Possible Consequences?
Economists are already sounding the alarm: previous trade sanctions against Canada, Mexico, and China caused major disruptions in financial markets. The cryptocurrency market, in particular, suffered more than during the FTX collapse or even the COVID-19 pandemic.
Potential effects of new tariffs:
- A sharp decline in stock markets and cryptocurrencies.
- Increased prices for European goods in the U.S.
- Retaliatory measures from the EU, potentially triggering a global economic crisis.
EU Prepares to Respond
Brussels has already stated that it will introduce countermeasures against American goods if necessary. European leaders are considering raising tariffs on U.S. technology, energy resources, and agricultural exports.
What’s Next?
If Trump returns to the White House, the world could see an even more aggressive U.S. trade policy. This could lead to further fragmentation of global trade, with each country imposing restrictions to protect its own economy.
How soon will this affect consumers? Early signs of a crisis could emerge in the coming months.
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