Donald Trump's pledge to slap tariffs on imports to the U.S. from Mexico could be more damaging for European car makers like Volkswagen and Stellantis and their suppliers than any direct tariffs on EU goods,

Europe’s worst-case scenario for the future of transatlantic economic relations rose to the surface this week when President-elect Donald Trump gave a clear signal that he’ll use American trade might as a means to exert foreign policy leverage.

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.