US President Donald Trump continues to insist that import tariffs encourage foreign companies to move production to American soil, creating new jobs and strengthening the economy. However, as the American Chamber of Commerce (ACC) in the European Union warns, his policy of trade barriers could backfire, dealing a serious blow to transatlantic economic ties. According to experts, losses from the trade war unleashed by Trump between the US and Europe could reach almost 10 trillion dollars, affecting not only trade turnover, but also investment flows, as well as corporate income on both sides of the Atlantic.

According to the ATP report, tariffs threaten commercial relations between the US and Europe (including the EU and the UK), the total value of which exceeds $9,5 trillion. In 2024, bilateral trade in goods amounted to $1,3 trillion, and services - more than $750 billion. However, the scale of business that American and European companies conduct in each other's territories significantly exceeds these figures. Sales of European divisions in the US reach $3,5 trillion, while American companies earn about $4 trillion in Europe. The introduction of tariffs, according to analysts, will undermine not only direct trade, but also investment activity, as well as services exports, in which the US traditionally holds a strong position.

The economic fallout is already being felt. In March 2025, Trump announced 25 percent tariffs on steel and aluminum from Europe, prompting an immediate response from the European Commission. President Ursula von der Leyen called the tariffs “taxes that are harmful to businesses and consumers,” promising reciprocal measures. According to Reuters, the EU has prepared retaliatory tariffs on up to $20 billion of American goods, including agricultural products and machinery. The move is part of an escalation that began after Trump imposed tariffs on imports from Canada, Mexico, and China in February 2025, sparking global trade tensions.

Experts warn that the trade war could lead to long-term losses. According to a study by the Boston Consulting Group and HSBC, protectionism has already cost the global economy $10 trillion by 2025 due to a reduction in global imports. For the US, this means higher domestic prices and a decrease in the competitiveness of exports, and for Europe, a blow to industry dependent on American demand. Against this backdrop, German Chancellor Olaf Scholz said the EU is ready to defend its interests, emphasizing that trade policy must be reciprocal.