EU, China, US will suffer economically from the re-emergence of protectionism | Eurofound

EU, China, US will suffer economically from the re-emergence of protectionism | Eurofound

The world’s largest economies, particularly the EU, China, the US, Mexico and Canada, are all projected to suffer economically from the re-emergence of economic protectionism, and a significant increase in trade tariffs. In the case of the EU, the bloc would experience a 1% contraction in GDP, a 0.3% lower rate of employment, and a 1.1% decrease in imports by 2030, compared to a ‘no new tariffs’ baseline scenario.

This analysis is based on a global macro-economic model run by Cambridge Econometrics and Eurofound’s European Jobs Monitor. It is detailed in the Trade scenario: Employment implications in Europe of a large increase in global tariffs report from the Future of Manufacturing in Europe (FOME) project. FOME is an EU project proposed by the European Parliament and delegated to Eurofound by the European Commission. (...)