Donald Trump looks set to reignite his tariff war with China when he returns to the White House. But a different and friendlier region will become collateral damage. Europe may well be faced with its own Trump tariffs but it’s those aimed at Beijing that could be more detrimental for the region.

General Motors, Ford and Stellantis shares slid Tuesday after President-elect Trump threatened 25% tariffs on all imports from Canada and Mexico. The move by the new administration would likely stop American car demand in its tracks,

Manufacturing activity fell sharply across Europe last month and a further decline in demand dashed hopes for an imminent turnaround, whereas in China factories extended their recovery, surveys showed.