Tariff Turmoil: The Transatlantic Trade Tension

The German industry group VCI warns that additional U.S. tariffs could heavily impact the chemical and pharmaceutical industries on both sides of the Atlantic. They predict significant economic costs in both Europe and the U.S., urging for a unified European response against the economic policies of President Trump.

The imposition of additional U.S. tariffs could lead to substantial difficulties for the chemical and pharmaceutical sectors in both Europe and the U.S., according to the German industry group VCI. On Monday, they underlined the potential for considerable economic ramifications.

VCI's statement emphasized that a "tariff spiral" would result in high economic costs for both sides. They specifically referenced U.S. President Donald Trump's strategy, suggesting it relies on internal divisions within Europe.

In light of this, the VCI calls for a unified and determined response from Europe. They argue that a concerted effort at all levels is crucial to counteract the impact of these tariffs effectively.

(With inputs from agencies.)