The EU Could Lose Billions: The Pharmaceutical, Auto, and Aviation Industries of the Union are Under Attack Due to Trump’s Threat of 50% Tariffs, The Financial Times Reports
By Intel Slava
The EU could lose billions: the pharmaceutical, auto, and aviation industries of the Union are under attack due to Trump’s threat of 50% tariffs, The Financial Times reports.
The FT writes that Trump’s new trade tariff threat could deal a serious blow to key EU industries such as:
– pharmaceuticals (€80 billion in exports to the US in 2024) – the EU warns of a shortage of medicines and a “catastrophe” for the industry;
– the automotive industry (€39 billion) – increasing duties will make exports unprofitable, especially for brands that do not produce in the US;
– aircraft manufacturing – both Boeing and Airbus rely on global supply chains, and new tariffs could increase costs.
The total damage to the EU economy from 50% tariffs could reach 0.5% of GDP, the publication writes.
It is noted that the EU exported goods worth €530 billion to the US in 2024 – more than 20% of all external sales.
