Global markets, businesses and long-term geopolitical relations fall into chaos on the second day of U.S. President Donald Trump Tariff Policy – Europe has not escaped from chaos.

The EU has Have 20% of the responsibilitieswhile the UK Affected by a lower 10% attack, Benefit from its more balanced U.S. trade relations. Now, everyone will focus on the development of decision makers in response and the depth of conflicts that can escalate.

Most analysts agree From an economic perspective, there are few or likely no economic winners from the expected slowdown in growth and breakdown in trade relations.

However, on Thursday, some bright spots appeared in European assets, along with some seriously negative spots.

German footwear maker said in a report Thursday BirkenstockItalian fashion brand Brunello Cucinelli and Danish Jewelers Pandora It is one of the largest industry names for revenue in the United States, accounting for 31% to 47% of company sales.

Luxury Group LVMHGucci owner dry With Cartier’s parents Richmont Citi also noted that all of this generates at least 20% of sales.

theme Description of the United States As a “main destination” for food and beverage products, such as wine, beer, spirits, chocolate, cheese and olive oil.

AB INB.the world’s largest winemaker, shares fell 0.6% on Thursday, while Pernod Ricard and Heineken Reduced by 2.5% and 1.3% respectively. Tate and Lyle,run One of the largest oil refineries in the worlda decrease of 2.6%.

“Our sectors are highly integrated throughout the Atlantic and our common trade in spirits supports many of the work on both sides, spanning manufacturing, distribution, agriculture, retail and hospitality,” the European trading system said in a statement Thursday. “We want to ensure a return to an environment that supports the continued growth of EU and U.S. producers.”

Germany is The largest exporter of goods in the EU Going to the United States last year. European countries are home to some of the largest automakers in the region, including BMW, Volkswagen, Mercedes-Benz and Porsche – Now all of this About 25% import tariff.

“There is no doubt that last night’s tariff announcement … was bad news for the German economy,” Robin Winkler, chief economist at Deutsche Bank Research, said in a note to clients on Thursday.

“The negative surprises, however, are not that direct tariffs,” he said, noting that the market has been expecting a 20% tariff.

“But, on Asian imports, the U.S. taxes are much higher, which is a real surprise, which is more than what we and most observers expect from the global trade shock,” Winkler said. “Indirectly, this is also a negative impact on Germany.”

In a statement Thursday, German federal wholesaler, Foreign Trade and Services (BGA) (BGA) regarded reciprocity tariffs as “a frontal attack on world trade.”

“With serious tariff hiking on more than 100 trading partners, the U.S. president is trapped in a global open trade war with the U.S. B.E., along with the U.S. Britain, B.A. president, said in an emailed statement. “I think the conflict will greatly affect our economic growth. The longer it takes, the more painful it will be for everyone, including the U.S..”

Many retailers, selling clothes, shoes, household goods, electronics, etc., have global supply chains in Asia. South and Southeast Asian countries include Cambodia, Vietnam, Indonesia, Bangladesh and Sri Lanka H&M and Adidas – yes Controversial blow There are some of the highest rates among the recently announced U.S. reciprocity tariffs, with over 40%.

“For many exporters (new tariffs are) the difference between a profit and a loss. Businesses need to take a long hard look at whether they can continue to serve US customers profitably – and if they can’t, they need to concentrate focus on new, more friendly markets, perhaps where trade deals already exist, and if necessary, diversify manufacturing into other products,” Ian Worth, Director of VAT and Customs Duty at consultancy Crowe, said in emailed comments.

“In contrast to arriving in the U.S., the move to collect tariffs on exports can cause many problems,” Worth Forath added.

Denmark Transport Giant Mask The White House announced tariff plans will be more cautious in a more fragile economic environment, it said Thursday.

“In its current form, (tariffs) are obviously not good news for the global economy, stability and trade,” the company said in a statement.

European Transport and Logistics Corporation shares fell sharply on Thursday, with Mask down 9.5%, table Falling 8% then DSV Reduced by 6.5%.

Bank of England Standard charterexposure to Asia, fell by 10%. Global Sword Saint HSBC Bank 7.5% lower.

Germany’s Volkswagen, Mercedes-Benz Group and BMW all traded below 2% on Thursday afternoon, while Milan went public Stellantis – Having household names including Jeep, Dodge, Fiat, Chrysler and Peugeot – fell by 3.5%.

The escalation of the global trade war is expected to have a profound impact on the automotive industry, especially given the globalization of supply chains and the heavy reliance on manufacturing across North America (particularly Mexico).

The European currency is one of the few asset classes that the region will rally on Thursday. this EUR and GBP Contact the high of six months, and Swiss franc Since mid-October, the level of facing green is the highest.

Before Trump’s so-called liberation day tariffs, Market observers tell CNBC The euro and Sterling may see room for upside as new U.S. import tariffs take effect.

In a note Thursday morning, Jordan Rochester, head of strategy at Mizuho EMEA, said he saw the euro jump as high as $1.12 in the short term. By 3pm in London on Thursday, it rose 2.2% to trade at $1.108.

“Net-Net FX is chasing a real rate of return balance, which suggests EUR/USD to 1.11 or 1.12. Our year-end forecast, but at the pace next week,” Rochester said in his comment on Thursday.

But, he added, “at some point, the dollar sells out is limited”, predicting that if the $1.11 threshold is reached by Friday, the euro can start selling.

Europe’s Stoxx Drugs and Biotech Index fell 1.9% on Thursday, UK players gsk and AstraZeneca 2.7% and 1.5% were obtained, respectively. Danish giant Novo Nordisk Wander around the plane line.

Traditionally, utility stocks were up 2.6% in afternoon trading during market turbulence. Headquartered in France Engie And Spain’s Iberala One of the best performers in the industry, both at around 2.7%, with the latter having a height of 52 weeks.