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Trump ‘Pain’ Can Help Europe to Focus on Change, RWE CEO Says

Eva Brendel

22 November 2024 at 12:28 pm·1-min read

(Bloomberg) -- Donald Trump’s US election victory might have an unintended consequence, helping Europe focus on economic change, according to RWE AG Chief Executive Officer Markus Krebber.

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“To change, you need two things: firstly, you need to have hope for a better future, and secondly, you need to feel the pain,” the head of the German energy company said at a conference in Frankfurt on Friday. “And I think Donald Trump will help us to feel the pain along the way.”

European officials and markets worldwide have been bracing for the return of Trump, who has vowed to impose steep tariffs on imports. That’s a particular concern for export-heavy Europe.

The euro has been sliding against the US dollar in recent months, in part due to the prospect of Trump’s trade policies. The currency fell to a two-year-low on Friday, on bets the European Central Bank will have to cut interest rates to stoke economic growth. Meanwhile, Germany — the region’s largest economy — has been mired in a political crisis.

Trump’s re-election also raises questions about US support for Ukraine and America’s commitment to international climate goals often championed by European economies.

Shares of clean-energy companies tumbled upon the president-elect’s victory earlier this month, as he as described climate policies as the “green new scam.” Shortly afterward, RWE announced share buybacks and said its €55 billion green technology investment plan by 2030 may face delays as a result of reduced investments in the next two years. It cited the outcome of the US election as a key factor.

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