US tariffs to affect 70% of EU exports worth €380B

New US tariffs on the EU, imposed by the administration of President Donald Trump, will affect 70% of European exports to the US, worth about €380 billion, Report informs via Politico.

Brussels isn’t rushing to retaliate against the new 20 percent levy on most exports to the US because, officials say, they want to project calm. “We decided not to react right away, so as not to give the impression of panicking,” one EU diplomat said.

According to calculations, the duties will affect EU exports of steel and aluminum worth €26 million, cars worth €66 billion, and other mutual duties will affect export goods worth a total of €290. In total, 70% of European exports to the US will be subject to duties.

The newspaper notes that if trade between the US and the EU remained the same, the American side would replenish the state treasury by €81 billion per year, compared to €7 billion in 2024. However, according to calculations by Bloomberg Economics, EU exports to the US could fall by about 50% in the medium term.