Reliance on cheap Russian energy along with brutal competition from China has hit the German economy hard, and President-elect Trump's threat of tariffs are creating more uncertainty.

European countries could be among those hardest hit if Trump follows through on tariffs. The European Union says it wants to negotiate but is prepared to retaliate.

The layman’s narrative of the 1930s is that America’s Smoot-Hawley tariffs set off a beggar-thy-neighbour spiral and caused the Great Depression. It is not true. This free-trade ideology lies behind much of the confusion over what may happen if Donald Trump goes ahead with his 10pc or 20pc tariffs against everybody and 60pc tariffs against China.

Trump could ultimately decide not to create a special envoy for the conflict in Ukraine, although he is strongly considering doing so, sources said.

Donald Trump plans to appoint Richard Grenell, his former intelligence chief and a vocal critic of Ukraine's rapid NATO membership, as a special envoy for the "Russia-Ukraine conflict". Source: Reuters with reference to four sources familiar with Trump's transition plans Details: Reuters noted that Grenell,

Former acting Director of National Intelligence Richard Grenell is reportedly under consideration by President-elect Trump to be special envoy for the Russia-Ukraine conflict.

Former German chancellor Angela Merkel has called the influence of tech billionaires such as Elon Musk over U.S. President-elect Donald Trump a "huge concern".

Former German Chancellor Angela Merkel has expressed concern after Donald Trump offered Elon Musk a position in the government. During an interview about the release of her memoir, the former leader warned about the importance of maintaining a balance between business and politics.

Ms Merkel worked with four American presidents while she was German chancellor. She was in power throughout Mr Trump’s first term – easily the most tense period for German-US