Experts believe a wider spat with Europe would be much more damaging than the current tit-for-tat with China.
. However, looking at U.S. exports, these reached $574.5 billion to Europe and only $179.2 billion to China. These figures included both goods and services.
"That is not the case if there is a serious increase in tariffs between the U.S. and the EU in the autumn. Both economies are slowing down, and the cyclical effect of the tariffs is likely to be pretty strong," he added. "Much of the trade takes place within firms rather than between them … when you impose tariffs between the U.S. and Europe, you end up raising the prices for consumers and complicating the way goods are assembled in both places, as in the U.S.-China case, but you also end up disrupting the profitability of the business models for large multinationals," he said.
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