Key Takeaways The jolt of euphoria that gripped the stock market after Donald Trump was re-elected has waned as investors have attempted to parse the effect his proposals and cabinet picks could have on industries and the economy.

The layman’s narrative of the 1930s is that America’s Smoot-Hawley tariffs set off a beggar-thy-neighbour spiral and caused the Great Depression. It is not true.

European countries could be among those hardest hit if Trump follows through on tariffs. The European Union says it wants to negotiate but is prepared to retaliate.

The European Union is prepared to react to any renewed trade tensions with the United States that may emerge under President-elect Donald Trump's second administration, the EU's ambassador to the U.S.

Donald Trump’s US election victory is a “wake-up call” for Europe to slash red tape and boost defence spending, three of the bloc’s top officials have warned.