“Within 24 hours, the Trump administration has articulated a broad-based pivot away from Europe, both with respect to NATO and with respect to trade,” said Barbara Matthews, a senior fellow with the Atlantic Council. “The economic impact in Europe may be considerable.”

To make matters worse, Mr. Trump has thrown in an explosive grievance: the value-added tax, a system used by more than 140 countries to raise revenue through levies on domestic and imported goods. Economists said his complaint could be used as a lever to push possible tariffs on U.S. imports even higher.

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