The European economy is going through an upheaval. According to a representative of the European Central Bank, US import tariffs could seriously derail the EU's GDP growth.

Piero Cipollone, a member of the ECB's governing council, stated that the introduction of tariffs ranging from 10% to 20% on imported goods into the US would trigger a "slowdown in economic growth in the European Union." These tariffs were proposed by President-elect Donald Trump.

For major European exporters, the United States is a key market. The implementation of tariffs would dent external demand for EU goods and increase competition in the domestic market. "This combination of factors will slow the EU's economic growth," Cipollone noted.

However, there are potentially positive aspects of Trump’s trade and economic policies for Europe. According to Cipollone, Trump’s pledge to boost domestic oil production could lead to lower fuel prices in the global energy market. In this scenario, import tariffs on Chinese goods might also enable an influx of these products into the EU. These factors could stem consumer inflation growth in Europe, Cipollone concluded.

During his campaign, Trump repeatedly announced plans to impose import tariffs ranging from 10% to 20% on all foreign goods entering the US market. For Chinese products, the president-elect vowed to impose even higher tariffs of 60% of their customs value.

This approach has been labeled by the International Monetary Fund as "economic protectionism by the new US administration." The IMF predicts that such measures would lead to increased fragmentation of the global economy. If this scenario unfolds, the EU's industrial sector—highly dependent on exports to the US—would be among the hardest hit. According to Barclays analysts, this policy would negatively affect several companies, including luxury goods empire LVMH and German automotive giant Volkswagen.