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Economists see a wide range of possible outcomes of the current tensions, ranging from a quick and friendly resolution to a full-blown trade war. If tariffs do actually go into effect as Trump outlined, they say both the U.S. and global economies will suffer serious consequences.

The European Union opted to negotiate with Trump rather than retaliate after he imposed tariffs on the bloc last year, but his latest aggressive rhetoric could provoke a more stern response.

"While the uncertainty around President Trump’s tariff announcement remains very high, the firm and uniform response of EU leaders suggests that retaliation is more likely than last year if Trump decides to move forward with a 10% tariff on Feb. 1," economists at Goldman Sachs led by Giovanni Pierdomenico wrote in a commentary.
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