In a bold move to counteract the impact of US tariffs, German-French economists are calling on the European Union to accelerate the signing of free trade agreements with other economic regions. The economists argue that the EU must take a leadership role in defending the global trade order, emphasizing the importance of maintaining an open world economy to mitigate the costs of tariffs on European economies.
The analysis by the French Conseil d'analyse économique and the German-French Council of Economic Experts suggests that the US tariffs are likely to harm the American economy more severely than the EU. According to their calculations, the real production in the US could decline by between 1.0 and 1.63 percent, whereas the impact on EU states is estimated to be significantly lower, at around 0.15 percent of GDP.
Monika Schnitzer, co-chair of the German-French Council of Economic Experts, highlighted the need for the EU to support European companies affected by restricted access to US markets. She advocated for the exploration of new export markets and the establishment of new trading partners as a strategic response to the current trade tensions.
The economists also recommend that the EU use the 90-day moratorium on US tariffs to finalize the EU-Mercosur agreement and push forward with new trade deals. Additionally, they urge the EU to prepare decisive countermeasures should the US administration reinstate the currently suspended reciprocal tariffs, underscoring the importance of a proactive and unified European stance in the face of global trade challenges.
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