The European Central Bank surveyed 19,000 consumers in March about their willingness to switch from U.S. products under tariffs in Europe. The survey followed President Donald Trump’s imposition of a 10% tariff on EU goods amid a trade dispute.
Forty-four percent of European consumers said they prefer to switch away from U.S. brands regardless of tariffs, according to the survey.
The ECB survey revealed a median substitution score of 80 out of 100, indicating a strong willingness to seek non-US alternatives.
The ECB noted a possible long-term structural shift in consumer preferences away from U.S. products and brands.
