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.

The timing couldn’t be worse. The fall of the French government and the collapse of Germany’s coalition government have left Europe even more vulnerable to a new trade war with America.

At a conference in Paris, corporate chiefs, finance ministers and top politicians called for a “Europe First” policy to counter Donald Trump’s protectionist agenda.