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Analysts at Japanese bank Nomura say “Trump 2.0 appears upon us”, and that’s “bad news for Europe”.

Nomura told clients:

Trump winning means tariffs which will adversely affect growth in Europe.

The European Commission is expected to retaliate like-for-like, which could mean higher inflation in the euro area – or, as manufacturing firms’ pricing power is so diminished, as we have been flagging for some time, firms could be forced to absorb these higher costs, which in turn may result in some firms shuttering and unemployment rising, thus weighing more heavily on growth.

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