The increase in euro-zone industrial production in May confirms that the sector has been resilient to US tariffs so far and that may remain the case in the near term if, as we expect, Trump’s threat of a 30% tariff on EU exports proves just a bluff or negotiating tactic. However, at some point, there will probably be some payback for the continued front-running in the pharmaceutical sector and the medium term outlook for euro-zone industry remains poor.
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