Europe prepares for America First campaign, whoever wins the US elections

Former President Donald Trump and Vice President Kamala Harris are shown on screen during a debate watch party at the Cameo Art House Theater in Fayetteville, North Carolina, September 10, 2024.

Allison Joyce | Bloomberg | Getty Images

European politicians and policymakers are busy preparing for more U.S. protectionism, regardless of who next leads the White House after next week's election.

The presidential race remained in a stalemate until its final days, with polls consistently rating the candidates, Vice President Kamala Harris and former President Donald Trump, as tied in key field states. battle and across the country.

“Whoever wins will be 'America first,'” a senior European diplomat, who did not wish to be named due to the sensitive nature of transatlantic relations, told CNBC last week.

“The main concern of Americans is the economy, and the answer will have to be more economic nationalism. I don't agree with that, but I don't see any other solution,” said the senior diplomat, who is participating to confidential discussions between EU leaders.

The comments follow a warning from German Finance Minister Christian Lindner, who told CNBC on Friday that there could be retaliation if the United States starts a trade war with the European Union.

“In this case, we need diplomatic efforts to convince anyone who enters the White House that it is not in the best interests of the United States to have a trade conflict with [the] European Union,” he said at the IMF’s annual meetings in Washington, DC.

Trade with the United States is extremely important for European countries. The EU and the United States have the most important bilateral trade and investment relations in the world, which reached a record level of 1.2 trillion euros ($1.29 trillion) in 2021, according to data from the European Commission, the executive body of the EU.

Harris is seen, to some extent, as likely to continue President Joe Biden's current policies, which in economic terms will be remembered in Europe as the Inflation Reduction Act, sweeping US legislation totaling $369 billion that targets climate and energy policies. The IRA upset many European leaders because of its perceived protectionist nature.

The “America First” policy will likely have a greater impact on European economies under a Republican presidency. Trump has threatened to impose additional 10% tariffs on European goods, which could strain the bloc's exporters and, according to Goldman Sachs data, weaken the euro by up to 10%.

Trump's first term in the White House was a difficult time for some European leaders, who expressed dislike for the former president's confrontational style and tone. The two sides often had divergent views on trade, defense and technology, among other things.

“Trump can't surprise us anymore, we know how to handle this, we've dealt with him before,” the anonymous senior diplomat also told CNBC.

A second European official, who also asked to remain anonymous due to the sensitive nature of relations with the United States, told CNBC: “There is no panic. We are very pragmatic, but of course we have to prepare for both scenarios. »

The same official added that the European Commission was working on “bold” initiatives, whoever the next president is.

CNBC reported in May 2023 that European officials were already quietly preparing for the possibility of a Trump return. This meant focusing on reducing dependencies with the United States and with China, something European leaders continue to aim for.

In an October statement, the 27 EU heads of state called for “more efforts to improve the Union's competitiveness, strengthen its economic resilience, ensure its industrial renewal and realize the full potential of the market unique “.

“This highlights the urgency of taking effective measures,” the statement added.

Champagne to celebrate?

Beyond the European institutions in Brussels, there are divisions between the different EU capitals when it comes to the US presidency. National leaders have offered divergent remarks on the possibility of a second Trump presidency.

Hungarian Prime Minister Viktor Orban reportedly told reporters in Brussels this month that he would open “several bottles of champagne” if Trump returned to the White House. Just two days after American voters went to the polls, European leaders are expected to meet in Budapest, the Hungarian capital, and will likely discuss the election outcome over dinner.

A third EU official, who did not wish to be named and who will attend the meetings in Budapest, told CNBC: “I'm definitely not going to celebrate if Trump wins.” The same official added that the US elections are “very worrying” because they “come down to 200 votes in [swing state] Pennsylvania.”

The official added that whatever the outcome, “it won't be a shock like last time, and Europe has since improved its strategic autonomy and defense spending.”

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos