US President Donald Trump announced Customs duties at 15% on Sunday for all European Union (EU) countries, but these, more or less exporters, will not be penalized in the same way when the measurement comes into force on August 7.
In value, it is by far Germany which within the European Union exports the most goods to the United States, for an amount of 161.2 billion euros in 2024, followed by Ireland and Italy, respectively 72 and 64 billion euros, according to Eurostat data. France is less exposed, but the champions of the food and luxury will be particularly affected.
According to Eurostat, 20% of goods exported from the EU are intended for the United States. The EU as a whole has released a trade surplus vis-à-vis the United States of $ 235.6 billion (201.5 billion euros), according to the Economic Analysis Office (BEA), which depends on the American trade department and which published its statistics for 2024 in early February. Only China displays a higher amount.
Ireland, the European laboratory
Ireland records the widest trade surplus of EU members with $ 86.7 billion in value. It is in the United States that Ireland exports more than a quarter of its products. This is explained in particular by the establishment in Ireland of large American groups, notably pharmaceuticals, such as Pfizer, Eli Lilly or Johnson & Johnson who settled in this European country to benefit from a 15% tax on large companies, against 21% in the United States.
KEYSTONE
These companies can thus host their patents in Ireland and sell on the American market, where the prices of medicines are traditionally higher than in the rest of the world. Donald Trump said on Sunday that the pharmaceutical sector would not benefit from special treatment. Ireland also welcomes most of the European seats of the American “Tech” giants, such as Apple, Google or Meta, also seduced by Irish taxation, on its soil.
Germany, the industrial champion
First EU economy, Germany released a record trade surplus in 2024 with the United States reaching $ 84.8 billion. The United States alone absorbed 10.5% of German exports, according to the German Statistics Office Destatis. Americans are fond of automotive brands from Germany, but also machine tools and “Made in Germany” pharmaceutical products. The German central bank warned at the start of the year that the taxation of American customs duties on German products could reduce the country’s gross domestic product by 1%.
Italy and France, in the second curtain
Italy and France, with 44 billion dollars respectively and $ 16.4 billion in excess according to the Americans (but for France a deficit of a few billion, according to customs statistics), are likely to be less affected. However, the impact varies from one sector of activity to another within each of these two economies.
The food industry and wine products in particular would be affected in the two countries. Americans are used to consuming “Made in France” and “Made in Italy” products but could significantly love it if prices are climbing to account for customs duties. The French luxury sector (perfumes, leather goods, etc.) is also very exposed.
For the world number one LVMH luxury, a customs right of 15% “would be a good result”, said the group on Thursday by publishing its half -yearly results, marked by a fall in net profit and sales. He thinks he can compensate by increasing his prices and optimizing his production, especially in the United States.
Austria and Sweden are also in excess with the United States, respectively 13.1 billion and $ 9.8 billion.
