Trade tensions
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AmCham EU opposes broad-based tariffs. They are hugely destabilising for the transatlantic economy. The impact on global supply chains is also significant, with companies on both sides of the Atlantic suffering. Instead, governments should seek to build the resilience of their supply chains through diversification and collaboration. The best way for the EU and the US to address common trade and security challenges is by working towards a pragmatic transatlantic agenda.
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Support for the EU-US Joint Statement
The recently concluded EU-US Framework Agreement marks a pivotal moment in transatlantic trade relations. While business would have like to see the deal go further, it has prevented the escalation of tensions into a full-scale trade war that would have caused severe disruption to transatlantic business. As Malte Lohan, CEO, AmCham EU stresses, tariffs raise costs for businesses and consumers alike, and the long-term ambition must remain a zero-for-zero tariff zone. However, stability and predictability in the immediate term are crucial for companies operating across the €8.7 trillion transatlantic economy.
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What our members think
Following the EU-US Framework Agreement, AmCham EU conducted a flash survey of its members to find out how they expect the transatlantic business relationship to evolve in light of the deal. This survey builds on our poll from January, which captured business expectations for the new EU and US administrations around US Inauguration Day. The September survey finds that, while American companies in Europe maintain a pessimistic outlook on transatlantic trade and investment, the Framework Agreement has nearly cut this pessimism in half (down to 46% from 89% in January).
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Implementation of the deal
The next step in the implementation of the EU-US Framework Agreement rests with the European Parliament and the Member States. As the co-legislators work to adopt the Commission’s tariff reduction proposals, the priority must be to lock in the predictability the Framework Agreement promises. While the deal has shortcomings, the alternative – a tariff tit-for-tat with the EU’s largest trading partner – would be far worse for European jobs and growth. Read more about our priorities.
Past statements
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Implementing the EU-US Framework Agreement: Priorities for adopting the Commission’s tariff reduction proposals
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Survey: EU-US deal calms business outlook, companies urge policymakers to press ahead
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A 15% tariff is painful. A trade war would be worse.
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Commission proposals pave way for more predictable EU-US trade environment
EU-US trade deal brings relief to transatlantic business
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EU-US trade dispute: measured EU response paves way for negotiated outcome
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:
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Insights and advocacy driving Europe’s policy agenda. Our priorities support growth, innovation and a stronger transatlantic economy.
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Connecting business and policymakers to strengthen the voice of American companies in Europe.