S&P Global Ratings wrote in a report to investors that the eurozone economy may be able to absorb the impact of higher tariffs on US exports. Trump previously warned that he would impose a 10% tariff on imported commodities, a policy that would affect European exporters, with the USA being the most important market for European exporters. However, according to S&P's estimation, this situation may only result in a 0.2% decline in the economic growth of the eurozone, with Germany being hit harder than other economies. Moody's stated that, "For the eurozone economy, the potential tariff impact appears to be manageable", especially if the US dollar continues to appreciate against the euro.