American Chamber of Commerce Study Reveals Limited Reduction in US-EU Trade Deficit in 2025
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According to a study released on Monday by the American Chamber of Commerce to the European Union (AmCham), the US trade deficit with the EU only decreased by 7% in 2025, despite the tariffs imposed by the White House to narrow the gap, highlighting the deep commercial interdependence between the two partners.
This report comes as Washington and Brussels remain at odds due to the aggressive trade policy currently pursued by the White House, which includes tripling US tariffs on the European Union.
An unbalanced agreement was reached last summer between the President of the European Commission, Ursula von der Leyen, and US President Donald Trump, in which the US imposed a 15% tariff on EU products, while the EU agreed to eliminate its own tariffs and increase investments in the US.
However, the agreement remains on hold as European lawmakers await clarification from Washington, following new investigations initiated by US authorities after a Supreme Court ruling in February deemed the 2025 tariffs illegal.
Despite tensions, trade exchanges between the two parties remain robust. The report forecasts that trade in goods between the US and the EU will reach a record €900 billion in 2025.
The study suggests that decoupling would be costly for Europeans.
“Some Europeans are right to want to reduce excessive dependencies, but they are wrong to think that decoupling from America would come at little cost,” affirm the authors, adding, “Some Americans are right to want Europe to dissociate from America, some Americans are right to want Europeans to do more on security matters, but they are wrong to think they do not need Europe.”
According to the study, the EU barely reduced its exports to the US despite the tariffs. The US exported $414 billion of goods to the EU and imported $633 billion, resulting in a goods trade deficit of $219 billion in 2025 – approximately $17 billion, or 7%, less than the $236 billion deficit recorded in 2024, even though Trump’s tariffs were primarily aimed at reducing it.
The gap narrows when services are included, as the US maintains a surplus in this sector.
“We estimate that the overall goods and services trade deficit of the US with the EU in 2025 was $150 billion – significant, but lower than its goods trade deficit of $219 billion,” the study indicates.
According to AmCham, this deficit is more than four times lower than the US trade deficit with the Asia-Pacific region.
Foreign Investments Signal Strong Ties
“As new global economic agreements take shape, the ties between the US and Europe remain deep and mutually beneficial,” the report authors write.
Foreign investment data also reflect close ties in the market, with Europe and the US each representing over half of the other’s foreign investments.
Between 2009 and 2025, Europe accounted for 56% of American Foreign Direct Investments (FDI) worldwide. Europe’s share of global FDI in the US by ultimate beneficial owner will also be 56% in 2024.
“The US is the largest source of FDI entering the EU, surpassing even the largest European countries,” the report states.
