The results of European growth under the Trump era

Back to infographic on the assessment of European growth under the era of new American. Consequently, customs rights. Meanwhile, If the continent has overall shocked, the most exposed countries have already started to suffer from customs constraints.

The EU resists for the moment. Therefore, While the economies of the Old Continent have been undergoing since April the pricing assaults by Donald Trump (10% since April). However, growth has resisted in the second quarter.

The economy of the euro zone increased unexpectedly in the second quarter. Nevertheless, shows the first estimate of the gross domestic product (GDP) published Wednesday by Eurostat. Nevertheless, While the analysts of Bloomberg and FactstSet were tabling on stagnation.

A correct or even unexpected figure which covers very disparate realities.

Champions are to be found on the side of the Iberian Peninsula. The two countries which were looked at from high by northern Europe in results european growth under trump the early 2010s. which were even nicknamed “the countries of Club Med” are now the “Saviors” of Europe.

Spain first which recorded the strongest EU growth over the quarter at 0.7%. In annualized pace, Spanish growth is up 2.8%.

It was doped by business investment – which jumped 2.1%, with a sharp increase in the construction sector – and by household consumption, which increased by 0.8%, after having already climbed by 0.6%between January and March.

Then Portugal, just behind its neighbor, who with 0.6% growth also benefits from exports of goods and services and a rebound in household consumption.

In this landscape, France is not doing so badly as that. Rather, it is at the top of a prosecutor’s peloton with growth of 0.3% greater than expectations.

This “shows well. while customs duties were already applied, that (companies) resist this situation,” said the French Minister of the Economy, Éric Lombard.

However. with the entry into force results european growth under trump on August 7, customs duties of 15%on August 7, whole sectors such as alcohols or pharmacy could suffer much more at the end of the year.

Some savings have suffered much more over the quarter. If we put aside Ireland which is a separate case with a GDP artificially distorted by the tax strategies. of multinationals (its decline of 1% follows a leap of 7.4% in the first quarter), the dunces are Germany and Italy.

For Germany, the decrease of 0.1% is due to the drop in investments, especially in construction, despite a rebound in household consumption so far.

Results european growth under trump

Very exposed Italy. Germany

German figures break with the growth rebound recorded at the start of the year (+0.3% according to a revised figure on Wednesday).

According to the Capital Economics Institute. “Germany should be touched more hard than the other major economies by customs duties and continue to experience results european growth under trump difficulties this year, before budget recovery measures began to stimulate the economy in 2026”.

The last weak link in Europe in the quarter is Italy. She too saw her GDP contract 0.1% compared to the first quarter.

The Italian National Statistics Agency Istat noted that the contraction was due to a slowdown in the added value of agriculture. forestry and fishing, as well as industry, while the service sector has remained generally stable.

Especially net exports have weighed negatively on total production. Italy is one of the European countries that export the most to the United States (67.3 billion euros in 2023) and which recorded a very large trade surplus of more than 25 billion.

Drinks (39%), motor vehicles (30.7%) and pharmaceutical products (30.7%) are very dependent on the American market. The end of the year may be very difficult for the “made in Italia” under the Trump era.