Thousands of jobs at risk in the EU - Due to US trade tariffs
Uncertainty over tariffs is creating significant challenges and problems for European companies that export a significant portion of their products to the US. President Donald Trump's new threat to impose a 30% tax on goods imported from the European Union is leaving businesses facing tariffs unseen since the late 19th century. These companies are being forced to curb a range of activities due to uncertainty, because they do not have the data they need to make decisions about strategy, employment and investment. This “freeze” in many activities is costing – and is expected to cost – EU companies more.
The European Trade Union Confederation has warned that 20% tariffs from the US could put at least 700,000 jobs in the European Union at risk, not including the impact of sector-specific tariffs on cars and metals. The risk would be even greater if Trump ultimately imposes 30% tariffs on European products and starts a trade war with the EU.
The European Union is the largest exporter of goods to the United States. Each year, the EU ships $600 billion worth of goods, accounting for the bulk of the US's total imports of approximately $3.2 trillion.
Companies are waiting for a better deal between the EU and the US, but the cost of the policy of constant tariff changes increases with each passing day before the new August 1 deadline set by Trump.
This confusion has left European executives facing a barrage of daily questions from colleagues, investors and within their boards about where and how products destined for the United States are made. They are also trying to assess whether and to what extent they should bear some of the cost of the tariffs themselves to share the burden with American customers. The US market is highly competitive and it is much harder for companies to set prices there.
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