US-China trade war leaves Europe as collateral damagePTI | Frankfurt | Updated: 12-08-2019 11:38 IST | Created: 12-08-2019 11:36 IST
Like a sleek Mercedes crunched between two freight trucks, Europe's economy is being knocked off course by the conflict between the US and China over trade. The bill for damages from the U.S-China collision could be painfully high, starting this week if new growth figures on Wednesday show that Europe's economic motor, Germany, is stalled or shrinking.
Beyond that, economists say there are signs that years of jobs growth since the depths of the Great Recession and the eurozone debt crisis may be ending. And if the trade wars escalate to include higher U.S. tariffs on cars made in Europe, the picture could look even worse. The heart of the matter is Germany, Europe's largest economy and a key trade partner of both the US and China.