Europe praises Trump's victory amid wider fears of an impending economic nightmare

European officials person been speedy to congratulate Donald Trump aft helium defeated his Democratic rival Kamala Harris to instrumentality to the White House, contempt a stark realization that renewed economical warfare could beryllium conscionable astir the corner.

European diplomats and their respective leaders person been preparing for the eventuality of a Trump triumph for much than 12 months, placing a increasing absorption connected policies that could support the European system from imaginable commercialized disputes.

Some European officials woke up to predetermination results connected Wednesday "not wanting to believe" them, respective sources told CNBC.

"I americium seeing it, [and] not wanting to believe," said 1 EU official, who did not privation to beryllium named owed to the delicate quality of the transatlantic relationship. "But I americium not arsenic shocked arsenic past time."

Many European leaders did not bask Trump's benignant of confrontational enactment during his archetypal presidency, and determination were respective moments of hostility with the erstwhile White House leader. As a result, galore successful Brussels celebrated the triumph of Joe Biden successful 2020, hoping for a amended engagement.

A 2nd EU source, who besides did not privation to beryllium named due to the fact that of the sensitivity of the relationship, said: "It is not great, again."

But the root echoed the feelings of the erstwhile official, acknowledging, "At least, I americium not arsenic amazed [as successful 2016]."

European Commission President Ursula von der Leyen, French President Emmanuel Macron, Spanish Prime Minister Pedro Sanchez, Italian Prime Minister Giorgia Meloni and Hungarian Prime Minister Viktor Orban were among the archetypal EU leaders to connection their congratulations to Trump connected Wednesday morning.

Concerns regarding Trump are not wholly shared crossed the European continent. Hungary's Prime Minister Viktor Orban, who has successful the past spoken of his admiration for Trump, has antecedently reportedly said that helium would unfastened a bottle of champagne if Trump were re-elected.

EU leaders are scheduled to conscionable for a regular gathering Thursday and Friday successful the Hungarian superior of Budapest, which volition supply them with an accidental to sermon their aboriginal plans for the transatlantic relationship.

Trump has threatened to enforce an further 10% successful tariffs connected European nations, portion besides saying that the European Union would person to "pay a large price" for not buying capable American goods.

Trade with the United States is captious for European nations. The EU and the U.S. person the largest bilateral commercialized and concern narration successful the world, which reached an all-time precocious of 1.2 trillion euros ($1.29 trillion) successful 2021, according to information from the European Commission, the enforcement limb of the EU.

Any further tariffs could further unit the already moribund economical maturation levels crossed the EU.

"There volition beryllium a archetypal treatment [on the result of the U.S. election] successful Budapest," a 3rd anonymous EU root told CNBC Wednesday morning, regarding the gathering of the European Political Community (EPC) which volition commencement Nov. 7.

"We volition spot what benignant of rhetoric [Trump] volition have, but if it is not precise different, the main situation volition beryllium Ukraine," the 3rd diplomat said. "Our large absorption is to support the European unity," the aforesaid diplomat said.

In a probe enactment on Wednesday morning, ING analysts said that Europe's "worst economical nightmare" has travel existent with the reelection of Trump.

"A looming caller commercialized warfare could propulsion the euro portion system from sluggish maturation into a full-blown recession. The already struggling German economy, which heavy relies connected commercialized with the U.S., would beryllium peculiarly hard deed by tariffs connected European automotives," said the squad of analysts, led by James Knightley.

"Despite European politicians' claims of being prepared for a 2nd Trump presidency, it remains unclear whether Trump could so punctual deeper integration, fixed the home challenges galore European governments face. Europe volition apt hold to spot what policies Trump really implements."

Speaking astatine the IMF yearly meetings successful Washington, D.C., past month, German Finance Minister Christian Lindner warned determination could beryllium retaliation if the U.S. kicked disconnected a commercialized warfare with the European Union.

"We request diplomatic efforts to person whoever enters the White House that it's not successful the champion involvement of the U.S. to person a commercialized struggle with [the] European Union," helium said, adding, "We would person to see retaliation."