US President Donald Trump has aggressively revived trade protectionism through an anachronistic tariff policy.
Data from the European Commission reveal a clear commercial relationship of interdependence between the European Union and the United States. Suffice it to say that in 2023, Europe was able to export goods with a total value of 503 billion euros to the United States, totaling a surplus of over 150 billion euros.
Mutual investments have been characterized by a strong economic integration, reaching a figure that exceeds 5 trillion euros. The fact is that the newly born star-spangled protectionism is aimed at benefiting the States in economic and commercial terms, even to the detriment of relations and balances with historical partners.
A blind vs trade is emerging whose consequences will fall on companies, and when we talk about companies we do not refer exclusively to European ones. From March 12 of this year the United States will impose additional duties on steel and aluminum in order to preserve domestic production and national security.
On February 11, following this initiative, Von der Leyen expressed her sincere disappointment. A few days later, the European Commission promised immediate action to protect its workers, companies and consumers. In Italy, the manufacturing sector will be affected by restrictions on steel, aluminum, cars and technology products. Will Europe be able to ensure an impactful response, thus limiting the damage?
Luca DeCrescenzo
It is interesting how protectionism is changing the economic dynamics between the European Union and the United States. I do not know if these policies will bring lasting benefits, but the consequences on companies could be significant in the long term.