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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.
Malte Lohan, CEO, AmCham EU, said: ‘These new tariffs, combined with possible EU countermeasures, will only fuel a cycle of retaliation that damages both sides. We are calling on the EU to avoid further escalation of the dispute and instead prioritise creating the environment required for negotiating an exemption from the tariffs.’
The EU and the US share a mutually beneficial economic relationship worth €8.7 trillion. Rather than imposing new tariffs, they should reach a deal that preserves the benefits of transatlantic trade and investment. Constructive engagement with the business community will be key to identifying practical solutions that serve both sides.
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