Donald Trump’s election victory has sent a shudder through Europe and Asia as policymakers and executives digested the implications of a US-led lurch towards protectionism.
Europe’s export-oriented countries — led by the region’s largest economy, Germany — are heavily exposed to the US president-elect’s claims that he would tighten trade restrictions and loosen security ties with the US’s allies.
Moritz Schularick, president of the Kiel Institute for the World Economy, described a second Trump presidential term as “the most difficult economic moment” in Germany’s postwar history.
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