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Europe is deeply integrated into global value chains and recent trade tensions raise the question of how European economies would be affected by the introduction of tariffs or other trade barriers. This paper estimates the impact of trade shocks and growth spillovers using value added measures to better gauge the associated costs across European countries.

Value added --- Tariff --- International economic relations. --- Economic aspects --- Economic aspects. --- Europe --- Europe. --- Foreign economic relations. --- Added value --- Manufacturing processes --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Ad valorem tariff --- Border taxes --- Customs (Tariff) --- Customs duties --- Duties --- Fees, Import --- Import controls --- Import fees --- Tariff on raw materials --- Commercial policy --- Indirect taxation --- Revenue --- Customs administration --- Favored nation clause --- Non-tariff trade barriers --- Reciprocity (Commerce) --- Council of Europe countries --- Eastern Hemisphere --- Eurasia --- Exports and Imports --- Macroeconomics --- Taxation --- Globalization --- Globalization: General --- Trade: General --- Trade Policy --- International Trade Organizations --- Externalities --- Empirical Studies of Trade --- Public finance & taxation --- Global value chains --- Exports --- Tariffs --- Spillovers --- Trade balance --- International trade --- Taxes --- Financial sector policy and analysis --- International finance --- Balance of trade --- United States