The latest U.S. tariffs on China could be a sign of what's to come for Europe, analysts have told CNBC.
announced Sunday that the current tariffs of 10% on $200 billion of Chinese goods will increase to 25% on Friday. In a Twitter post, he also threatened to impose an extra 25% levies on an additional $325 billion of Chinese goods "shortly".whose exports could also face similar U.S. tariffs.
"It is a harbinger of what is likely to come for Europe," Fredrik Erixon, head of the European Centre for International Political Economy , told CNBC via email. "Trump may be an economic illiterate, but he means what he says, and the message that has been coming for quite a while is that European auto producers will be hit with higher tariffs as well," Erixon added.
President Trump threatened in early 2018 to impose duties of 20% on European cars. Since then, he has met the president of the European Commission, the EU's executive body, and both decided to seek . Nearly a year since their meeting, both sides of the Atlantic have yet to start those official trade talks."On the one hand, this just confirms what we already know, which is that President Trump is willing to publically escalate conflicts to achieve policy objectives. So, we may also see volatility in the settling of European trade negotiations," Mark Haefele, chief investment officer at UBS Global Wealth Management, told CNBC via email.
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