Most European workers do not feel threatened by recent US tariff increases, although those employed in export-oriented or lower-income sectors are showing growing concern about job security, according to a new survey by the European Central Bank (ECB).

The study examined how euro area workers perceive the effects of rising trade tariffs between the United States and Europe.

The ECB stated that the tariffs, which increased significantly this year, make European goods more expensive for US consumers and businesses.

This could, in turn, reduce demand for European exports and lead some companies in the euro area to scale down operations or cut jobs.

The authors of relevant ECB blog explained that trade tensions could therefore become “a job killer for the euro area.”

The findings come from the ECB Consumer Expectations Survey, which questioned employed respondents in July about how the US tariff announcements affected their perceived likelihood of losing their current job.

The ECB said that understanding these perceptions helps policymakers grasp potential changes in the labour market and consumer spending patterns, since “the lower the perceived job security, the greater the likelihood that workers will put money aside and reduce their consumption.”

The results show that most European workers remain relaxed about their employment prospects.

According to the survey, 85 per cent of workers said their expectations of job loss had either stayed the same or even decreased following the US tariff increases.

Only 15 per cent said they now saw a higher risk of losing their jobs, and just 3 per cent felt that risk had “increased a lot.”

The ECB pointed out that this widespread sense of stability may be because many European employers are not directly affected by falling US demand, as their markets are mainly domestic or diversified globally.

However, the survey also revealed that workers in export-heavy countries and industries are noticeably more anxious.

The ECB observed that “workers in countries and sectors that export more to the United States perceive a higher job risk.”

According to European Commission data cited in the article, the share of firms and jobs directly linked to exports to the United States ranges from just over 1 per cent in Greece to 6.7 per cent in Ireland.

Unsurprisingly, workers in Ireland were among the most likely to fear job losses, as were those in trade-dependent sectors such as manufacturing, construction, and industry.

The report added that these sectors were already “under pressure from other shocks such as high energy prices.”

By contrast, workers in public administration, healthcare, and education were much less concerned, since demand for their services does not depend on trade flows or global market trends.

Employees in the financial services and ICT sectors were somewhat more nervous, particularly in Ireland and the Netherlands, which host the European headquarters of many US firms and are highly exposed to American trade policy.

The ECB also found that low-income workers were more likely to feel at risk of job loss than their higher-paid peers.

This is largely because lower earners are overrepresented in manufacturing and other goods-producing sectors, which face the most direct impact from higher tariffs.

The authors warned that the psychological effects of these worries could have real economic consequences.

When workers expect job losses, they tend to cut back on spending, especially on non-essential goods.

Recent ECB data show that low-income households across the euro area have already reduced discretionary consumption amid concerns about a worsening economic outlook and rising prices.

This pullback in spending could, in turn, weaken demand further and create a negative feedback loop for the broader labour market, affecting even firms not directly hit by US tariffs.

Overall, the ECB said that while the direct impact of tariffs on employment appears limited, some workers in vulnerable sectors feel exposed and may already be adjusting their behaviour.

The authors also said that “workers who expect to lose their jobs are more likely to actually lose them later.”

They added that this suggests tariff-related uncertainty could still weigh on business and consumer confidence in the euro area, even if large-scale job losses never materialise.