EU Exports to US Dropped 10% in June Amid Tariffs

Exports from the European Union’s 27 member states to the United States reportedly dropped 10% year over year in June due to new U.S. tariffs.

These exports were gauged at €40 billion in June after having reached a record high of €72 billion in March when U.S. importers brought in goods from the region ahead of the tariffs, The Wall Street Journal (WSJ) reported Monday (Aug. 18), citing data from EU statistics agency Eurostat.

EU exports to the U.S. fell in April and now stand at their lowest level since the end of 2023, according to the report.

The member states’ exports have also been pressured by a strong euro and widespread uncertainty, the report said.

An agreement reached at the end of July will see a 15% baseline tariff placed on goods imported from the EU to the U.S., though Brussels and Washington are still negotiating parts of the deal, per the report.

It was reported Aug. 12 that European car exporters were wrestling with uncertainty around American tariffs despite the trade deal.

Carmakers and others in the industry were awaiting possible last-minute changes, because cars had at first been tariffed at 27.5% and the new 15% rate, which includes vehicles, had not yet been implemented for cars.

Before the 27.5% tariffs kicked in, carmakers had scrambled to ship vehicles to the U.S.

PYMNTS Intelligence’s yearlong “Uncertainty Project,” which has turned its attention to the tariff issue since President Donald Trump took office, has found that tariffs have impacted consumers, small and medium-sized businesses (SMBs), mid-market companies and chief product officers alike.

For example, the research found that 80% of chief product officers at the largest U.S. companies (those with annual revenues exceeding $10 billion) now anticipate mostly or completely negative impacts from tariffs. This represents a 24-percentage-point increase in pessimism since May, when 56% of CPOs expected similar outcomes.

It was reported Saturday (Aug. 16) that investors will be watching this week’s quarterly earnings reports from Walmart and other retailers to see how U.S. consumers are coping with the latest tariffs.