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U.S. protectionism could undermine modest growth forecast for eurozone, says EU Commission [Video]

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A man bikes as the sun sets in Milan, Italy, Friday, Sept. 13, 2024. (AP Photo/Luca Bruno, file) (Luca Bruno, Copyright 2024 The Associated Press. All rights reserved)

FRANKFURT – Europe’s economy has left stagnation behind but is headed for only modest growth in coming months as consumers regain some of the purchasing power they lost to inflation, the European Union’s executive commission said Friday.

The bloc’s economy remains at risk from protectionist moves by major trading partners, the report said. U.S. president-elect Donald Trump has often talked about imposing new tariffs, or import taxes, on foreign goods.

“A possible protectionist turn in U.S. trade policy would be extremely harmful for both economies,” said European Economic Commissioner Paolo Gentiloni. The EU ”will engage with the new administration with a great spirit of cooperation” but also a willingness to defend open trade, he added.

The 20 countries that use the euro are …

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