A recent survey has revealed that a large majority of western Europeans are in favor of implementing retaliatory tariffs against the United States. This stance emerges in light of President Donald Trump's anticipated announcement of sweeping import duties for major trading partners, expected to be made this week. The president has dubbed this day as "Liberation Day," signaling a potential shift in trade dynamics.
Reports suggest that President Trump is likely to introduce a range of tariffs, which will vary from country to country. Notably, he has mentioned a 25% levy on cars imported into the US, which will take effect the day following his announcement. Such measures could significantly impact many European firms, particularly Germany's car manufacturers and France's luxury goods sector, including wine, champagne, and spirits. These sectors heavily rely on exports to the US, with some firms depending on American sales for up to 20% of their income.
The European Union has vowed to deliver a “timely, robust, and calibrated” response to Washington's tariff plans. Experts predict that these tariffs are likely to depress economic output, increase prices, and potentially spark a trade war. Following Trump's announcement, global markets and the US dollar experienced a decline, as confidence waned regarding his notion of “reciprocal tariffs.” Trump claims these tariffs are necessary to combat what he perceives as unfair trading practices by other nations.
A YouGov survey conducted across several countries, including Denmark, France, Germany, Italy, Spain, Sweden, and the UK, found that if the US tariffs are implemented, a substantial majority of respondents support retaliatory measures. The survey indicated that support for retaliatory levies on US imports ranges from 79% in Denmark to 56% in Italy. In Germany and France, where industries are poised to face significant challenges due to these tariffs, 68% of respondents favored retaliation.
Despite the support for retaliatory tariffs, respondents acknowledged the potential damage these US tariffs could inflict on their national economies. In Germany, 75% of those surveyed expected a considerable impact due to the tariffs, a sentiment echoed by 71% in Spain, 70% in France and Italy, and 62% in Sweden. Even in Denmark, half of the respondents expressed similar concerns. The survey, conducted during the second and third weeks of March, highlighted a widespread belief that US tariffs would significantly affect the broader EU economy, with majorities in six out of the seven polled countries affirming this viewpoint.
President Trump, who campaigned on a promise to revitalize American industry, has consistently criticized the EU, claiming it has been “very unfair” to the United States regarding trade. In February, he even suggested that the 27-nation bloc was “formed to screw the United States”. As the situation develops, it remains to be seen how both European nations and the US will navigate this complex trade landscape.
