Fitch Ratings said in a report on Monday that the tariffs imposed by the Trump administration will weaken revenue and profitability growth for many corporate sectors in Europe. It expects the chemical, automotive and hardware sectors to be hit the hardest.
"While most EU-based diversified industrial companies have large manufacturing footprints in the US, exports are still sizeable and will be affected by the tariffs, as will be intermediate parts supplied from outside of the US," Fitch predicted. It added that EU firms could also face increased competition from Chinese companies in non-US markets.
