1、Cushman&WakefieldCONTENTSTRUMP 2.0THE FIRST 100 DAYSIMPLICATIONS FOR THEECONOMY&PROPERTYEMEAAs of April 28CONTENTS2Cushman&WakefieldEXECUTIVE SUMMARYECONOMY&CREKEY POLICY PRIORITIESWHAT TO WATCHWHAT DOES IT MEAN FOR OCCUPIERS&INVESTORS?CONTENTSEXECUTIVE SUMMARYCushman&WakefieldCONTENTSIn the first 1

2、00 days,we have observed a hard shift in U.S.economy policy under President Trump.From a European perspective,trade policy and the trajectory of U.S.growth are front of mind.Our baseline is that U.S.tariffs and related uncertainty will slow euro area growth but the economy will weather the impact an

3、d continue to expand.The UKs economy will also remain resilient but could face stronger inflationary pressure due to its more open economy and greater reliance on trade.Rising defence spending signals a shift from austerity to fiscal stimulus,supporting growth and boosting Europes long-term competit

4、iveness by modernising key sectors and reducing dependencies.The situation remains fluid with many developments still unfolding,and there may be both potential benefits and drawbacks to these policy changes that will unfold over time.The EconomyThe EMEA property sector entered 2025 with a stable bac

5、kdrop,supported by steady occupier demand and early signs of improvement in investment activity.Tariffs on materials like steel and aluminium will increase construction costs,and curb supply pipelines,at least until greater clarity emerges.Existing assets will likely benefit.Trade barriers will enco

6、urage companies to shift manufacturing closer to home,driving long-term demand for domestic industrial real estate through onshoring and nearshoring strategies.The ECB and the BoE entered 2025 leaning toward a more accommodative monetary position.Expectations are for this to continue,though a decisi