Trending on X right now * Vietnam and Taiwan want no tariffs. * India wants to talk. * Europe wants to retaliate with higher tariffs. --- And remember what former ECB head and Italian PM Mario Draghi wrote in the FT in February .... Europe loves tariffs so much they tariff each other at twice the rate they tariff the US! https://www.ft.com/content/13a830ce-071a-477f-864c-e499ce9e6065 The IMF estimates that Europe’s internal barriers are equivalent to a tariff of 45 per cent for manufacturing and 110 per cent for services. These effectively shrink the market in which European companies operate: trade across EU countries is less than half the level of trade across US states. And as activity shifts more towards services, their overall drag on growth becomes worse. At the same time, the EU has allowed regulation to track the most innovative part of services — digital — hindering the growth of European tech firms and preventing the economy from unlocking large productivity gains. The costs of complying with GDPR, for example, are estimated to have reduced profits for small European tech firms by up to 12 per cent.