So much winning!
Trump claims his tariffs will bring manufacturing jobs back to the US. But you can’t create manufacturing jobs if no one wants to buy what you make. How’s that going?
“Euro zone consumers are happy to ditch U.S. products if they are hit by tariffs in the course of a tit-for-tat trade war with U.S. President Donald Trump’s administration, a European Central Bank survey showed.
“The ECB’s Consumer Expectations Survey, Conducted in March before Trump had even announced, and later paused his tariff blitz, unexpectedly showed a change in preference regardless of any price increase.
“The 19,000 consumers were asked if they would look for alternatives to U.S. Products if an import tax of 5%, 10% or 20% was imposed by the United States and, in retaliation, by the European Union.
“Results show that consumers are very willing to actively move away from U.S. products and services,” the ECB said in a blog post.
“The median substitution score was 80 on a scale where zero indicates no willingness to buy alternatives to U.S. products and 100 signifies a strong one.”
So European markets are drying up, which means US companies will shed jobs, which means domestic purchases of US products and services will shrink. Win, win, win, right?
Eurozone consumers happy to ditch US products
“Euro zone consumers are happy to ditch U.S. products if they are hit by tariffs in the course of a tit-for-tat trade war with U.S. President Donald Trump’s administration, a European Central Bank survey showed.
“The ECB’s Consumer Expectations Survey, Conducted in March before Trump had even announced, and later paused his tariff blitz, unexpectedly showed a change in preference regardless of any price increase.
“The 19,000 consumers were asked if they would look for alternatives to U.S. Products if an import tax of 5%, 10% or 20% was imposed by the United States and, in retaliation, by the European Union.
“Results show that consumers are very willing to actively move away from U.S. products and services,” the ECB said in a blog post.
“The median substitution score was 80 on a scale where zero indicates no willingness to buy alternatives to U.S. products and 100 signifies a strong one.”
So European markets are drying up, which means US companies will shed jobs, which means domestic purchases of US products and services will shrink. Win, win, win, right?
Eurozone consumers happy to ditch US products