"A tariff of 30% on EU exports would probably have the eurozone economy flirting with, but avoiding, a recession," said Rory Fennessy, senior economist at Oxford Economics. This fits Trump's playbook — he threatened 50% tariffs in May, "only to quickly backtrack following discussions with EU politicians."

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respo