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US tariffs on European goods threaten to shake up the world’s largest 2-way trade relationship

  • In early April, President Donald Trump introduced a 20% tariff on goods imported from the European Union, affecting products entering the United States.
  • The tariffs respond to the U.S. trade imbalance, with the EU having a 198 billion-euro surplus and Trump threatening to raise rates to 50%.
  • The EU intends to respond by imposing tariffs on a wide range of American goods, while businesses and consumers are experiencing higher expenses and decreasing confidence.
  • AlixPartners reported 37% of shoppers changed habits due to tariffs, with a $1,000 dress now costing $2,680 after adding $1,680 in fees.
  • The trade tensions slowed commerce, lowered consumer spending, and pressured firms to consider U.S. production shifts, implying broad economic consequences.
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Il Sole 24 Ore broke the news in Milan, Italy on Friday, July 4, 2025.
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