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Four years ago, Russia launched a full-scale invasion of Ukraine. On the anniversary of the invasion, the American Chamber of Commerce to the EU (AmCham EU) reiterates its condemnation of Russia’s aggression. It is a breach of international law and an assault on the values we stand for. The Ukrainian people have continued to demonstrate commendable bravery in the face of adversity and a growing humanitarian crisis. 

American companies in Europe remain steadfast in their support for Ukraine’s sovereignty and are committed to the country’s reconstruction and recovery, underpinned by closer integration with the EU. Once peace is secured, the scale of the task ahead will be immense. Recent estimates from the World Bank put the cost of reconstruction and recovery at $588 billion over the next decade, underscoring both the urgency of action and the need to mobilise investment at unprecedented levels.  

In the past year, policymakers on both sides of the Atlantic have launched initiatives to encourage security and future prosperity in Ukraine, not least the Ukraine Support Loan, the US-Ukraine Reconstruction Investment Fund and the Flagship European Fund for the Reconstruction of Ukraine. American businesses stand ready to support the success of these efforts, which can only fully achieve their objectives with long-term security and stability in Ukraine.  

Getting the revision of the Defence Procurement Directive right is critical to delivering the capabilities Member States need to deter aggression by 2030 and to strengthen the capacity and innovation of the European defence industrial base. Reform efforts should focus on removing practical barriers such as administrative complexity, production bottlenecks and limited visibility that delay capability delivery. Through targeted simplification, the Commission can accelerate procurement, support joint acquisition and ensure access to best-in-class technologies. By contrast, introducing stringent European preference requirements, such as headquarters-based eligibility criteria or rigid content thresholds, risks reducing competition, increasing administrative burdens and overlooking the deep investments many US companies already have in the European Defence Technological and Industrial Base. Readiness by 2030 requires inclusive access and cooperation with allies to ensure that European defence spending translates into a formidable and enduring deterrent.

The US Supreme Court has ruled today to halt tariffs imposed under the International Emergency Economic Powers Act (IEEPA). In response, the US Administration has indicated it will shortly enact a new 10% global tariff and initiate new tariff investigations under alternative instruments.

The American Chamber of Commerce to the EU (AmCham EU) continues to oppose broad-based tariffs as they disrupt supply chains and increase costs for businesses and consumers. We echo the US Chamber of Commerce’s call for the US Administration to use this ruling as an opportunity to reset its overall tariff policy.

There is now significant uncertainty for businesses that depend on a stable and predictable trade policy environment. Further guidance from authorities is required for companies to understand how the latest developments will impact their operations.

The EU-US trade and investment relationship is the most important economic partnership in the world. AmCham EU looks to the EU and the US to continue working closely together in support of their shared growth and security.