"Tariffs put $9.5 trillion in transactions at risk" - American Chamber warns of consequences of US-EU trade conflict
The US-Europe tariff conflict is putting transatlantic business worth $9.5 trillion a year at risk, the American Chamber of Commerce in the EU warned.
The American Chamber, with more than 160 members including Apple, ExxonMobil and Visa, reported in its annual Transatlantic Economic Report that the relationship hit a record high in 2024, with trade in goods and services reaching $2 trillion. The chamber is calling 2025 a year of promise and risk for the world’s largest trading relationship.
Last week, Washington imposed tariffs on steel and aluminum, the EU outlined plans for retaliation, and President Donald Trump threatened 200% tariffs on EU alcoholic beverages. The US president has repeatedly railed against the US trade deficit in goods with the EU, even as the US runs a surplus in services.
The American Chamber said that trade is only one part of transatlantic commercial activity and that the real benchmark was investment.
"Contrary to conventional wisdom, most US and European investment flows to each other, rather than to lower-cost emerging markets," the report says.
Sales of US foreign subsidiaries in Europe are four times higher than US exports to the old continent, and sales of European subsidiaries in the United States are three times higher than European exports.
The American Chamber of Commerce warned that the fallout from the trade conflict could damage these close ties. The report notes that intra-firm trade, which accounts for around 90% of Ireland's trade and 60% of Germany's, could be hit. The biggest risk could spill over into trade in services, data flows or energy, with Europe dependent on imports of US liquefied natural gas.
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