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EMARKETER

FAQ: US-EU Trade War

How Two-Way Tariffs Could Affect Consumers, Retailers, and Brands in Europe

Report by Carina Perkins  |  May 16, 2025
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Table of Contents
What tariffs has the Trump administration imposed on EU countries?
What retaliatory tariffs has the EU considered or already imposed on US products?
How dependent are EU economies on US demand?
How will US tariffs potentially affect businesses in Europe?
Which EU countries are most exposed to US tariffs?
How has consumer sentiment in the EU shifted in response to the threat of a trade war?
What retail and ecommerce categories are most exposed to current and proposed tariffs?
How are European retailers and brands adjusting their sourcing strategies to mitigate tariff impacts?
How are retailers and brands adapting their pricing strategies in response to tariffs and inflationary pressures?
How are trade tensions affecting advertising budgets and spend among EU firms?
Sources
Media Gallery
About This Report
A trade war between two of the world’s largest consumer markets would cause significant disruption for consumers, retailers, and brands in Europe.
Topics
Cross-Border Ecommerce
Ecommerce Sales
Retail Sales
Western Europe
Table of Contents
What tariffs has the Trump administration imposed on EU countries?
What retaliatory tariffs has the EU considered or already imposed on US products?
How dependent are EU economies on US demand?
How will US tariffs potentially affect businesses in Europe?
Which EU countries are most exposed to US tariffs?
How has consumer sentiment in the EU shifted in response to the threat of a trade war?
What retail and ecommerce categories are most exposed to current and proposed tariffs?
How are European retailers and brands adjusting their sourcing strategies to mitigate tariff impacts?
How are retailers and brands adapting their pricing strategies in response to tariffs and inflationary pressures?
How are trade tensions affecting advertising budgets and spend among EU firms?
Sources
Media Gallery

Since early 2025, the Trump administration has aggressively escalated tariffs on European imports, ending years of relatively stable transatlantic trade. In response, the EU has threatened sweeping retaliatory tariffs on US goods, fueling fears of a prolonged trade war between two of the world’s largest consumer markets. While both sides have agreed to a 90-day negotiation window, consumers, brands, and retailers are already feeling the pinch from the economic fallout.

This report was compiled with the help of generative AI, using data and analysis original to EMARKETER.

Editor’s note: Tariff updates are happening at a breakneck pace. This content is current as of May 16, 2025, but you can stay up to date with all of our latest coverage on the impact of tariffs here.

Here’s what’s in the full report

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Table of Contents

  1. What tariffs has the Trump administration imposed on EU countries?
  2. What retaliatory tariffs has the EU considered or already imposed on US products?
  3. How dependent are EU economies on US demand?
  4. How will US tariffs potentially affect businesses in Europe?
  1. Which EU countries are most exposed to US tariffs?
  2. How has consumer sentiment in the EU shifted in response to the threat of a trade war?
  3. What retail and ecommerce categories are most exposed to current and proposed tariffs?
  4. How are European retailers and brands adjusting their sourcing strategies to mitigate tariff impacts?
  1. How are retailers and brands adapting their pricing strategies in response to tariffs and inflationary pressures?
  2. How are trade tensions affecting advertising budgets and spend among EU firms?
  3. Sources
  4. Media Gallery

Charts in This Report

President Trump's Reciprocal Tariffs Would Significantly Increase the Rate on EU ImportsPharmaceuticals, Cars, and Machinery Made Up the Bulk of EU Exports to the US in 2024
Ireland Is Most At Risk From Trump's Tariffs Due to Its High Reliance on US ExportsActions That Operations Executives Worldwide Have Taken or Plan to Take to Mitigate Tariff-Related Risks, Jan 2025 (% of respondents)

authors

Carina Perkins

Contributors

Suzy Davidkhanian
VP, Content
Vladimir de Leon
Chart Editor
Eleni Digalaki
Bill Fisher
Vladimir Hanzlik
Executive Editor and SVP, Content
Wendy Malloy
Director, Reports Editor
Naomi Rebuelta
Copy Editor
Amy Rotondo
Director, US Research
Matt Torpey
Senior Chart Editor
Emman Velasco
Chart Editor
Zia Daniell Wigder
Chief Content Officer
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