“A significant negative impact (American duties) on economic growth can weaken activity, and inflation will fall below our goals” – believes Sturnaras, who also warned that the euro zone is in the face of shock when the prospects for growth were already “modest”.
In turn, the European Central Bank estimated that American duties on imports from the EU in the amount of 25 percent. They can reduce the economic growth of the eurozone by 0.3 percentage point in the first year, and additional EU compensatory duties on the US can increase this decrease to half a percentage point, reminded the Reuters agency.
Sturnaras also emphasized that some US administration decisions were “worse than expected” and introduced “unprecedented level of global political uncertainty.”
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Trump turns the table
On April 2, President Trump announced the introduction of 10 % duties on the entire import to the USA, with higher tariffs imposed on dozens of countries. In the case of the European Union, the duties amount to 25 percent. on steel, aluminum and cars, as well as 20 percent On almost all other goods, as Reuters indicates.
In 2024, the import of goods from the USA to the EU reached EUR 334 billion, while exports from the EU to the US amounted to EUR 532 billion. The United States is the largest export market for goods produced in the EU, constituting almost 21 percent. total exports of the community.
