Trump’s threatened 25% tariffs on EU imports could trigger ‘economic turmoil’

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Donald Trump’s threatened 25% tariffs on EU imports could trigger “economic turmoil”, sharply push down growth and send inflation soaring, according to a German thinktank. The Kiel Institute said the US president’s promise on Wednesday that he would impose the levies “very soon” was a profound moment in the postwar relationship between Washington and Brussels and could prove to be an economic shock to both parties. It found that EU exports to the US would drop by between 15% and 17%, leading to “a significant” 0.4% contraction in the size of the EU economy, while American GDP would shrink by...