”With the exception of Ireland (where the weight of intra-group trade with the USA is significant, particularly in the pharmaceuticals sector) and, to a lesser extent, Germany (connected to the North American market via its automotive sector), EU countries appear less vulnerable than others, protected as they are by the scale of intra-Community trade (62% of the total in 2024). This was further strengthened by the latest tariff offensive led by the “Trump 1” administration. Under “Trump 2”, the integration of the single market is likely to take another step forward, as much by necessity as by choice[3]. In the all-out trade confrontation promised by the United States, the EU is not necessarily the one with the most to lose.”
Morten W. Langer
