NEOS Warns: Trade Wars Yield No Winners

In light of recent trade tensions ignited by the U.S. administration, NEOS, the Austrian political party, has issued a warning regarding the potential economic fallout from a trade war. The party emphasizes that such conflicts create numerous losers while offering no tangible benefits. NEOS leader in the European Parliament, Helmut Brandstätter, highlighted the urgent need for Europe to unite and demonstrate strength in the face of these challenges.

Brandstätter pointed out the adverse effects that a trade war could have on economies like Austria's, which heavily rely on exports. He noted that the imposition of new tariffs would exacerbate inflation, hinder economic growth, and jeopardize jobs--issues that are particularly pressing during these economically challenging times.

The NEOS leader also criticized those who support or downplay the aggressive trade policies of U.S. President Donald Trump, emphasizing that such views are counterproductive to Austria's interests. According to Brandstätter, it is crucial for European nations to avoid being divided by external pressures and instead focus on strengthening internal cohesion.

He further advocated for the removal of remaining trade barriers within the European Union, suggesting that doing so could significantly boost the EU's economy by up to EUR1.2 trillion, as supported by expert analysis. This potential growth, he argued, is contingent on decisive action to fully realize the benefits of the single market.

Brandstätter sees the current confrontational stance with the U.S. as an opportunity for Europe to emerge stronger, provided that meaningful steps are taken to finalize the integration of the internal market. Such measures would not only shield European economies from external shocks but also enhance competitiveness on a global scale.