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Tariffs

The framework agreement reached between the EU and the US provides relief to businesses bracing for significant disruption across global supply chains. The deal brings much-needed de-escalation in the ongoing dispute and greater certainty for companies. However, a 15% tariff still marks a significant increase in the cost of trading across the Atlantic for many sectors. 

The EU and the US must now build on this deal to reach a permanent agreement, with technical details defined as soon as possible. Clarity over implementation, including next steps for Section 232 tariffs, will be critical for companies, who need a predictable framework to operate. The EU and the US should expand the number of sectors included in the deal’s zero-for-zero tariff list, with the goal of creating a zero-tariff zone across the Atlantic.

Ultimately, the two sides should advance regulatory cooperation and a shared approach to common geopolitical challenges. The commitment to work more closely on issues such as energy, defence, technology and global overcapacity is a constructive first step in reinforcing the transatlantic economic partnership.

Past statements

 

14 July 2025: EU-US trade dispute: measured EU response paves way for negotiated outcome

AmCham EU is concerned about the United States potentially imposing a 30% tariff on EU imports as of August 1. This move would generate damaging ripple effects across all sectors of the EU and US economies. Tariffs disrupt supply chains and add costs and complexity for businesses on both sides of the Atlantic, undermining their competitiveness. In this context, the EU’s decision to hold off on imposing countermeasures against the US until early August is a constructive signal. It provides relief to industry, helps avoid further escalation and creates space for continued dialogue. The two sides must urgently seek a negotiated outcome to the ongoing dispute with the goal of lowering barriers to trade. (full statement)

3 April 2025: Reciprocal tariffs: AmCham EU urges de-escalation in tit-for-tat dispute 

The US administration announced the imposition of a 20% tariff on most imports from the EU. In response, the EU indicated it is preparing for further countermeasures if no negotiated solution is found. AmCham EU is concerned that these measures will create damaging ripple effects across all sectors of the economy. Tariffs are harmful taxes on imports that increase costs for consumers and businesses. The associated financial impact and supply chain disruptions for a broad range of industries will be widespread and are simply too difficult to assess. The rapid imposition of the tariffs adds to the overall uncertainty, leaving close to no time for companies and officials to adjust. (full statement)

 

11 February 2025: American business in Europe remains opposed to US steel and aluminium tariffs 

President Trump has announced his decision to impose 25% tariffs on all US steel and aluminium imports, which will target the EU directly. This is a decision that the AmCham EU opposed in 2018 and opposes again today. US tariffs on EU imports of steel and aluminium will have a wide-reaching and overwhelmingly negative impact on jobs, prosperity and security on both sides of the Atlantic. The damage will extend beyond just the steel and aluminium sectors, impacting all businesses that rely on these materials throughout the supply chain. (full statement)   

26 May 2025: EU-US trade dispute: continued pause prevents further escalation

The confirmation of the 9 July deadline for EU-US trade negotiations, following a call between President Trump and President von der Leyen, prevents further escalation of trade tensions. The continued talks give room for the EU and the US to reach a deal. (full statement)

 

 

 

12 March 2025: US steel and aluminium tariffs: American business in Europe responds 

The US administration has imposed tariffs on steel and aluminium, including EU imports. In response, Malte Lohan, CEO, AmCham EU, expressed the opposition of American business in Europe to the decision, stating: ‘The US administration’s new steel and aluminium tariffs are not the same as those imposed in 2018. They are more stringent and cover a range of downstream products, meaning their impact will be harsher and affect even more sectors.’ (full statement) 

 

 

 

3 February 2025: US business in Europe cautions against potential EU-US trade tit-for-tat 

The US administration is moving forward with the implementation of 25% tariffs on Canada and Mexico and 10% on China. This decision has sparked concerns from the business community around the world. The US Chamber of Commerce has highlighted why these ‘unprecedented’ tariffs are not the answer to the problems the administration seeks to address as well as the associated economic risks (full statement).    

Transatlantic trade by the numbers 

  • EU-US goods trade reached a record high of €858 billion in 2024, 60% higher than US-China goods trade (€512 billion) and 20% higher than EU-China goods trade (€691 billion). 
  • The United States and the European Union are the two largest traders of services in the world. They are each other’s most important services trading partners and services markets.  
  • EU-US services trade totalled an estimated €418 billion in 2024, comprised of U.S. services exports of €242 billion and services imports of €176 billion. 
  • In 2023, nearly two-thirds (64%) of US imports from the EU+UK consisted of intra-firm trade. Meanwhile, 41% of US exports to the EU+UK in 2023 represented intra-firm trade. 
  • The EU’s effectively applied tariffs on goods from the US is 3.95%; the US tariff on EU products is 3.5%. 
  • The EU is strategically dependent on the US for eight products; the US relies on the EU for 32 strategically important import products. 

Source: The Transatlantic Economy 2025; currency figures converted from US dollars to Euros as of April 2025. 

In the United States, the US Chamber of Commerce have similarly spoken out against tariffs. Read more in the following statements: