U.S. intentions to reorder global trade via tariffs has created a global growth shock. Consensus forecasts for 2025 real GDP growth declined to 1.4% in the U.S. versus +2% earlier in the year and the Eurozone stands at 1%. That said, the Eurozone may accelerate given the impacts of stimulus. We expect GDP in the Eurozone to rise to 1.2% in 2026 and 1.4% in 2027 versus 0.4% and 0.9% in 2023 and 2024.
Can European real estate benefit from the US trade war?
By Rich Hill, Head of Real Estate Research and Strategy at Principal Asset Management
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