If U.S. tariffs make imports from China less competitive, European firms have an opportunity to swoop in and take advantage. That’s an argument made by David Owen at Jefferies International, who says trade wars “create winners amongst the losers.”

“This seems to have been lost among all the negativity surrounding the subject,” Owen said in a report on Thursday.

ING economists also argue there’s a chance for Europe to capitalize on the trade tensions. They’ve previously highlighted the best-placed industries as machinery, auto parts, plastics, and some chemicals…

The U.S trade confrontation with China also provided a brief fillip to the European Union this week as President Donald Trump’s administration delayed slapping levies on imports from the bloc. The reprieve is temporary, but it gives the economic giants a chance to figure out a solution to avoid a damaging tariff battle between them.