Trump's tariffs hit Europe – and this time it's serious
After „Liberation Day“ 2025, the old world trade order is history. What this means for Austrian and German companies.
Vienna, April 6, 2026 – It was April 2, 2025 – the so-called „Liberation Day.“ Donald Trump announced comprehensive tariffs on almost all imports into the USA in the Rose Garden of the White House.
A year later, the consequences are noticeable—and more lasting than many had hoped.
Europe's Dilemma
European companies are caught between three fronts: American protectionism, Chinese
Overcapacity, regional political instability. Business confidence is shaken.
In Germany, the profit margin of companies outside the financial sector has in the last three
fallen by 5 percentage points over years – significantly more in some industries.
Regarding Austria
Austria's export economy is heavily dependent on stable trade relations. Mechanical engineering, automotive suppliers, chemicals – all these sectors are feeling the headwinds from Washington and Beijing.
At the same time, Germany's trade with Eastern Europe is growing more strongly than its overall foreign trade. Poland is gaining importance as a partner. An opportunity – but also a last resort.
The New Normal
Economists expect global growth of 2.4 to 2.5 percent for 2026 – below pre-crisis levels. The recession is over. A real recovery is not materializing.
The Two Sides of Power
Tariffs are not economic policy – they are power politics. Trump is weaponizing trade. Europe must decide: Play along or develop its own strategy.
Time is running out.
YANUS continues to analyze: Which Austrian industries are most affected?
