This has not happened so far, not least because Trump-fuelled uncertainty is spooking global firms. EU imports from the US EU retaliatory tariffs on imports from the US would hurt Germany, the Netherlands, France, Belgium, Ireland, Denmark and Luxembourg the most. European firms and consumers would bear the brunt of such measures, which would be unlikely to change Trump’s mind anyway. Because of Trump’s tariffs, US steel-hungry firms now pay roughly 50% more for their steel supplies than their European competitors. If the priority for Brussels is to support the private sector, then making EU firms the pawns of a transatlantic fight would be a counterintuitive strategy.