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Title page 1

Contents 2

Acknowledgements / Disclaimer 2

Executive summary 3

Introduction 4

1. This is no ordinary trade war, it's economic revisionism and full-blown coercion 4

2. Fundamental EU objectives: Gearing up for coercive bargaining yet avoiding the protectionist death spiral 5

3. Lessons so far: European cooperative offers, and equivocation, have failed 6

4. Europe's opportunity: Proactivity in defence of fundamentals and use of strengths 6

5. How we fight back: One date, one strike 9

Into the unknown 11

Endnotes 12

Figures 5

Figure 1. THE KINDLEBERGER SPIRAL 5

Figure 2. WHICH OF THE FOLLOWING BEST REFLECTS YOUR VIEW ON THE EU'S GLOBAL STANDING? 7

Figure 3. EU27 TRADE IN SERVICES WITH THE US (2010-2023) € BILLION 8

Figure 4/Figure 3. IRELAND/EU IP BALANCE WITH THE US (CHARGES FOR USE OF INTELLECTUAL PROPERTY) 9