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More EU debt issuance would be the best response to Trump’s tariffs

The EU should thus move to fund the entire cost of its planned rearmament with EU debt, similarly to NGEU. This would ensure appropriate provision of a key European public good at a crucial time, while easing pressure on member states with more limited fiscal space, providing a fiscal stimulus to help counter the risk of a tariff-induced recession, and solidifying Europe’s role as a reliable pillar of the (now fragmented) multilateral world order. […]