Donald Trump's threats against European allies, both territorial—a possible annexation of Greenland—and commercial—with more tariffs—have, for the moment, been put on hold after the US president backed down a week ago. Despite this de-escalation, European states anticipate renewed tensions with Washington and are studying measures to counter US attacks on the continent's countries, especially the member states of the European Union. One lever that EU governments and institutions can use is the strong dependence of the US government and US companies on their European partners. In the case of private companies, many US-based multinationals are deeply integrated into European economies through customers, suppliers, and investors who buy their shares and corporate debt. Similarly, a very large portion of US public debt held by foreigners is spread throughout Europe. If investors and governments in EU countries were to suddenly divest themselves of these assets, the global economy could suffer seriously, but especially the US economy.

"From an economic standpoint, it's certainly not a good agreement, but it's more or less tolerable. The political cost is another matter." With these words, he described the trade agreement between Brussels and Washington Ignacio García Bercero, analyst at the think tank Bruegel and for 35 years EU trade negotiator. At an event this Thursday at the Círculo de Economía (Circle of Economy) on the impact of tariffs, García Bercero lamented the European Commission's strategy in the face of the aggressive trade offensive by the US government under Donald Trump: "It has given a certain image of weakness to the EU," he opined, since the EU has ended up signing an agreement that is "just an agreement."

China announced Wednesday that it is suspending for one year the 24% "additional tariff" it had imposed on goods imported from the United States, a decision that falls within the framework of the trade agreements reached last week by the presidents of both countries, Xi Jinping and Donald Trump. In this regard, the Chinese government's tariff commission stated in a press release that the suspension of the tariff aims to "implement the results and consensus reached in the economic and trade consultations between China and the United States." The measure will take effect on November 10, and until then, an additional 10% tariff will remain in place on certain US products entering Chinese territory, although Beijing did not specify which ones.

When negotiating with the Donald Trump administration, things are rarely completely closed or clear. This is what is happening as a result of the agreement signed this Thursday between Brussels and Washington to avoid a trade war. In fact, the door to an undesirable situation such as a battle over trade barriers is not completely closed, as was often the case with pre-Trump diplomacy. A recent article in the British weekly The Economist He was talking about Trump and the Groucho Marx school of diplomacy in reference to the negotiations with Vladimir Putin over the war in Ukraine, but it could be extended to all areas, such as tariff policy.

When negotiating with the Donald Trump administration, things are rarely completely closed or clear. This is what is happening as a result of the agreement signed this Thursday between Brussels and Washington to avoid a trade war. In fact, the door to an undesirable situation such as a battle over trade barriers is not completely closed, as was often the case with pre-Trump diplomacy. A recent article in the British weekly The Economist He was talking about Trump and the Groucho Marx school of diplomacy in reference to the negotiations with Vladimir Putin over the war in Ukraine, but it could be extended to all areas, such as tariff policy.

None of Donald Trump's announcements regarding tariffs have gone unnoticed by the European Central Bank (ECB), just as it has not gone unnoticed the trade agreement between Europe and the United States to end, precisely, the tariff chaos and avoid an escalation of the trade war. This Wednesday, the president of the European banking institution, Christine Lagarde, announced that they will take the agreement reached into account when making a decision on interest rates at the next meeting, scheduled for September 14. Wednesday's meeting was Lagarde's first statement since the EU executive reached an agreement with the White House.

This past morning, most of the tariffs announced by Donald Trump went into effect, turning US trade policy of the last century upside down and forcing the global economy into uncharted territory. "It's midnight! Billions of dollars in tariffs are flowing into the United States," Trump celebrated at Truth Social at five minutes past midnight.

After sowing panic in the markets for weeks with its unpredictable twists and turns, at least in the early hours, the world's major stock markets do not seem to be suffering too much from the effect of Donald Trump's new tariffs on the European Union. The continent's most important indexes, with the exception of London (the United Kingdom is outside the EU), closed Thursday's session with moderate gains, despite the entry into force of the new taxes imposed by the President of the United States.

Hetrade agreement between Brussels and Washington The imposition of a general 15% tariff on European exports to the United States has reduced uncertainty among the business sectors most exposed to the US market. However, this uncertainty has not disappeared, as the greatest impact of the new trade framework will come from the secondary effects on other markets with which Catalonia has closer ties—Germany, France, and Italy—and, even more so, from a hypothetical definitive trade pact between China and the US.

The Catalan wine sector has received with concern confirmation that its exports to the United States will receive tariffs of 15%, but celebrates that the trade agreement reached between Brussels and Washington serves to restore certainty to the market. "We would like it to be 0%, but we hope it's definitive," says Joan Huguet, president of the Penedès Designation of Origin (DO), regarding the new tax.

While waiting for Brussels to publish more details, for now it is known that the trade agreement The agreement reached between European Commission President Ursula von der Leyen and US President Donald Trump will finally set tariffs on European products sold in the US at 15%. The fact that it's a US federal tax on products manufactured in the European Union may raise questions about who should pay it, when, and who is most directly affected.

"Those who do not go together are hung separately" ("Those who don't hang together get hung separately"). This is how a European diplomat expressed himself in the Financial Times about thetrade agreement between the European Union and the United StatesThe phrase recalls the need for the Twenty-Seven to unite before Washington to close a satisfactory pact, with the added irony that it is a quote from a founding father of the United States, Benjamin Franklin, who uttered it during the conflict between the thirteen American colonies and the British Crown that led to the United States' declaration of independence in 1776. During her appearance on Sunday in Scotland with US President Donald Trump, the president endorsed the agreement, which leaves tariffs on European exports to the US at 15% and imposes a long, multi-million dollar list of unspecified expenses and investments that the EU will have to carry out in the US. The following day, however, arose amid an avalanche of criticism of the agreement from member states, employers' associations, and analysts. The continent's press, like some governments, spoke of European "submission" to Washington.

No surprises in Frankfurt. Given the uncertainty surrounding the White House, the European Central Bank (ECB) has avoided any missteps and decided to keep interest rates at 2% while awaiting the outcome. the trade war between the European Union and the United StatesThis is the first time in 2025 that the banking institution has decided not to cut the price of money, following eight consecutive meetings of the ECB's governing council in which it had agreed to reduce it. "The environment remains exceptionally uncertain, particularly due to trade disputes," ECB President Christine Lagarde stated at a press conference.

The Catalan economy will maintain the expected growth rate over the next two years, provided that the trade war initiated by US President Donald Trump does not escalate further than it has so far, according to forecasts by the Barcelona Chamber of Commerce.

The tariffs imposed by the United States government on products manufactured in European Union countries could have a negative impact on Spanish exports worth €15.1 billion, although if the indirect impact were added, the figure could rise to €22.7 billion, as explained by the Minister of the Corps this Monday in an appearance before the Congress of Deputies.

US President Donald Trump asserted on Wednesday (already Thursday in Europe) that his administration could close a new trade agreement with the European Union, although he added that he doesn't care whether or not a pact is ultimately reached to avoid the mutual imposition of tariffs between the two powers. "We could reach an agreement with Europe," he declared in an interview, indicating with indifference that he didn't care too much about the outcome of the negotiations: "You know, I just don't care."

The European Union is moving further into an era of economic uncertainty. European Trade Commissioner Maros Sefcovic, the EU's chief negotiator with the United States, stated this Monday that the threat of 30% tariffs on European products would eliminate transatlantic trade. Although Brussels maintains that it remains confident of an agreement before the new August 1 deadline, it is also finalizing a second package of trade retaliations in case negotiations fail again. The uncertainty of a possible trade war is already beginning to be felt. Global growth could remain at its lowest level this year since the 2008 financial crisis. The World Bank has revised its forecasts downward, and the trickle of announcements of tariff increases coming from Washington increases uncertainty about an already fragile economic system. Imports from the United States are also beginning to notice a certain slowdown.

New trade threat. As the July 9 deadline for implementing new tariffs looms, US President Donald Trump has threatened an additional 10% surcharge on all countries that align with the "anti-US policies" of the BRICS (Brazil, Russia, and India). Leaders of these countries, meeting in Rio de Janeiro, Brazil, have condemned the sanctions and the use of tariffs as a political tool.

The Regional Minister of Business and Employment, Miquel Sàmper, announced this Wednesday an initial package of aid and measures totaling €37.5 million to help companies respond to the tariff crisis triggered by US President Donald Trump. This initial package is "double the budget for the previous year," the minister noted.

The rapprochement between Europe and China, facilitated in some ways by Donald Trump and his trade war, is taking shape with increasingly clear gestures. The latest was this past Tuesday, when both powers agreed to eliminate mutual sanctions to begin a new chapter in their bilateral relations. The gesture coincided with the fiftieth anniversary of the beginning of diplomatic relations between Brussels and Beijing, an event that has already led to a commitment to a round of meetings that should materialize soon.