高盛：2025年关税暂缓下的欧洲经济悖论研究报告：增长放缓、通胀与利率压力（英文版）

While President Trump’s decision to pause the implementation of the country-specific reciprocal tariffs has provided some relief, the European economic outlook has weakened further since our forecast update last Friday. The US administration raised tariffs on China sharply further; financial conditions are notably tighter on the week, with European currencies materially stronger; our US and China teams have downgraded their growth projections; and the EU has been notably more cautious in its