The U.S. Tariff Shock In 2025 Vs. 2026 - Same Negative Impact, Different Drivers
2026-04-09 09:30:00 ET
By Ruben Dewitte , Economist
The rollout of new US tariffs in 2025 triggered months of uncertainty and market volatility. One year on, their impact is becoming clearer. Although the tariff hike was historical, its direct effect on the European economy proved more muted than initially feared. This not only reflected exemptions, tariff front-loading and strong US demand for pharmaceutical imports (especially from Ireland), but also the fact that US tariffs on many competing suppliers also rose sharply in 2025, temporarily preserving Europe’s competitive position on the US market. Still, higher tariffs, the stronger euro, and heightened uncertainty weighed visibly on EU?US trade....
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The U.S. Tariff Shock In 2025 Vs. 2026 - Same Negative Impact, Different Drivers
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