Just when it seemed that the eurozone economy was starting to improve, the escalation of the trade war between the US and China soured the mood once more. We mustn’t forget that Europe and especially Germany is very exposed to international trade. Any trade slowdown will leave its mark on the eurozone economy. While some might argue that Europe could benefit from the US-China conflict through trade diversion, we think that the overall negative effect on world growth will be more important. What’s more, Europe itself is likely to be in the line of fire itself if President Trump decides to impose import tariffs on cars ... (full story)