The imposition of tariffs by Trump on goods from the EU may lead to a reduction of exports by approximately €85 billion, with the automotive and pharmaceutical sectors being the most severely impacted. The countries of Germany, Denmark, and Central Europe are expected to bear the brunt of the consequences, increasing the likelihood of economic downturns and possibly pushing the ECB to contemplate interest rate reductions.

Source: https://www.euronews.com/business/2025/04/02/europe-braces-for-trumps-tariffs-what-could-be-the-economic-damage