Europe Braces for Trump: ‘Worst Economic Nightmare Has Come True’
The New York Times
The United States is the biggest trading partner for the European Union and Britain, whose economies could be at risk from the president-elect’s policies.
The outlook for Europe’s economy has been disappointing.
Last week — after Donald J. Trump’s presidential election — it got worse.
Deep uncertainty about the Trump administration’s policies on trade, technology, Ukraine, climate change and more is expected to chill investment and hamstring growth. The launch of a possible tariff war by the United States, the biggest trading partner and closest ally of the European Union and Britain, would hammer major industries like automobiles, pharmaceuticals and machinery.
And the need to raise military spending because of doubts about America’s guarantees in Europe would further strain national budgets and increase deficits.
In addition, the president-elect’s more confrontational attitude toward China could pressure Europe to pick sides or face retribution.
“Europe’s worst economic nightmare has come true,” said Carsten Brzeski, chief economist at the Dutch bank ING. The developments, he warned, could push the eurozone into “a full-blown recession” next year.
Right-wing groups, which use Telegram to organize real-world actions, are urging followers to watch the polls and stand up for their rights, in a harbinger of potential chaos.
The billionaire has effectively become the star of his social media platform, transforming X into a reflection of his personal views before the election.
Many rural Americans engage in cashless barter systems to get food and firewood for heating and cooking. They value self-sufficiency, making them wary of government intervention.
Employers added 12,000 jobs in October, with hiring hit by strikes and storms. The unemployment rate was steady, at 4.1 percent, in the last major report before an election in which the economy is a top issue for voters.
To prepare for ever-longer shopping season, thousands of employees were assembled for a retail jamboree in Florida’s August heat.