This economic threat is an acute concern for European leaders at a time when the euro zone is already showing signs of weakness.
to cut its growth projections for the year. Growth in the region — and especially Germany — is sensitive to external shocks due to its export-driven economy.For a strong world economy it's important that "we increase trade and not increase new barriers," Olaf Scholz, the German finance minister told CNBC Thursday.Trump threatened to impose 20% tariffs on European cars back in 2018, arguing there's a trade imbalance threatening the U.S.'s national security.
However, both sides have not yet started discussing a trade deal. "Each day when we don't have a trade war between Europe and the United States is a good day," Kristian Jensen, the Danish finance minister, told CNBC in Brussels. "And the longer the postponement, the more we can work to get off the table," he added.
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