Europe could be at center stage as the Trump administration’s tariffs upend the global trading system, slashing Chinese imports to the U.S., a report from the McKinsey Global Institute finds. President Trump’s aggressive trade policy has sparked concerns about a recession and a painful unwinding of the globalization of recent decades that had expanded profit margins and kept prices low.

TMTPOST -- The European Union leaders recently took tougher tone on U.S. President Donald Trump’s tariffs as his July 9 deadline for reciprocal tariffs looms, according to a report on Tuesday.

But the level of trade success Trump will have achieved by next week looks to fall short of his goals. Trump’s trade adviser Peter Navarro touted “90 deals in 90 days” in April. As the deadline approaches though, others in the Administration are lowering expectations.