European countries have different exposures to the US market, which will result in varied impacts if tariffs are imposed. Ireland and Germany are highly susceptible due to their strong pharmaceutical and automotive industries, respectively. Germany leads with a significant trade surplus of $84.8 billion with the US, while other countries like France and Italy have lower surpluses and specific sectors that might be affected. For instance, France's wine and spirits industry could face major losses under a 30-percent tariff scenario, highlighting the potential economic risks involved with trade relations.
Only China has a higher amount. Germany, the industrial powerhouse Germany, the EU's largest economy, is under particular pressure due to its dependence on exports: it has a surplus of $84.8 billion with the United States, thanks to its large automobile, chemical, steel and machine industries.
A 30-percent tariff would be a 'catastrophe' for the French wine and spirits sector, Jerome Despey, head of the viticulture board, emphasized, illustrating the potential for significant disruption in this crucial market.
Collection
[
|
...
]