Here’s a quick dive on EU-US trade
Cargo shipping containers wait to be loaded by cranes on container ships at the Burchardkai container terminal at the harbour of Hamburg, northern Germany, on June 3, 2025.
Fabian Bimmer | Afp | Getty Images
Following President Trump’s decision to impose 30% tariffs on imports from the EU — we wanted to take a deep dive into the volumes of trade between the two.
Together, the EU and U.S. make up almost 30% of all global trade in goods and services and 43% of global GDP. In 2024, trade between the two totaled some 1.7 trillion euros — that’s the equivalent of 4.6 billion euros per day, EU data shows.
But is the EU’s trade surplus as one-sided as the White House suggests?
When it comes to goods, in 2024 the EU exported around 530 billion euros’ ($618 billion) worth to the U.S. and imported 335 billion — giving it a surplus of nearly 200 billion euros. But as Brussels is quick to point out: the U.S. leads the way in services where it enjoys a surplus of 150 billion dollars.
All in all, that gives the EU a total trade surplus of just $50 billion.
And finally – what are the European industries and countries most exposed to U.S. tariffs?
By sector, it is far and away the pharmaceutical sector, followed by autos and aircraft machinery.
Looking at individual economies, Germany and Ireland stand out as the most exposed: Almost a quarter of all German exports are destined for the U.S., while for Ireland that figure is more than a third.
— David Martin
Here are the opening calls
The Millennium Bridge in London, on July 4, 2025.
Jonathan Brady – Pa Images | Pa Images | Getty Images
Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets on Monday.
Futures data from IG suggests regional markets will start the week flat to lower, with London’s FTSE 100 expected to flat, Germany’s DAX down 0.6% and France’s CAC 0.5% lower. Italy’s FTSE MIB is seen opening 0.7% lower.
The dour mood for European markets comes after U.S. President Donald Trump announced at the weekend that he would impose a 30% tariff on goods imported from the EU, dealing a blow to the bloc after several months of negotiations to try to reach a trade deal. The duty will go into effect on Aug.1.
The EU has said it will not retaliate straight away but would look to reach a deal.
“Imposing 30 percent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic,” European Commission President Ursula von der Leyen said in a statement.
She said the EU remains “ready to continue working towards an agreement by August 1.”
“At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.”
— Holly Ellyatt