Countries are preparing to respond in-kind if Trump follows through on his latest threats. Domestic industries fear the worst.

BRUSSELS, July 15 (Reuters) - The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

European countries are not all equally exposed to the US market and so will not suffer the same consequences should President Donald Trump go ahead with his threats to impose 30-percent tariffs on the European Union.

Ireland's finances are in "good condition", according to the Minister for Finance, who said he is confident the country can rise to the challenge of US tariffs.

President Donald Trump announced new tariffs on imports from the European Union (EU) and Mexico, aiming to improve trade deals and national security, while economists warn of potential price increases.

The European Union is pushing back against US tariff threats, signaling potential retaliatory measures if negotiations fail. The impending tariffs, set by President Trump, could significantly impact transatlantic trade,

The 30% tariff on EU imports could severely impact transatlantic trade. EURUSD has held steady as markets expect the tariffs may be reduced. Furthermore, the impact of tariffs has been less than feared.

"Unlike past direct sanctions, secondary tariffs extend US reach globally, targeting Russia's trade partners. If enforced, they could affect at least 30-40 percent of Russia's oil sales, destabilizing its economy and rippling through global energy supplies," he warned.

The US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) climbed 2.7 per cent year-over-year in June, up from May’s 2.4 per cent rise