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Starting this February, US President Donald Trump will hit eight European countries that openly oppose his bid to take over Greenland with a 10% tariff. His demand? Sell the island or pay up.
But the US is the EU’s biggest business partner. Trade in goods and services hits a staggering €1.6 trillion a year.
Unlike the deficit with China, this relationship is healthy. Trade is balanced, with a 3% gap.
But trade wars are no joke. US exports to Europe support over 2 million American workers, while European investment in the US employs another 3.5 million.
For us on this side of the pond, it is even bigger: exports to the US support 5 million European jobs, and US companies here employ another 4.5 million.
Now, that landscape will freeze over. Leader of the biggest European Parliament party, EPP’s Manfred Weber, said that a Brussels-Washington trade pact is “not possible at this stage”.
Brussels is stuck. It still has the Anti-Coercion Instrument, a so-called “trade bazooka” ready to hit back, but some are hesitating to pull the trigger.
Meanwhile, last Saturday, the EU rushed to sign the Mercosur deal to replace unreliable markets with Latin American partners.
Big politics is usually distant. But this time, it is about your job and your wallet, so buckle up. This week, EU leaders are meeting with Trump in Davos.
Let us hope they bring winter coats, as we will get a frosty reception.
Watch the Euronews video in the player above for the full story.
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