Which European countries rely the most on US exports?
As a global trade war escalates, we looked at the European countries and industries most affected by American levies.
Published on April 9, 2025
Mauro swapped Sardinia for Eindhoven and has been an IO+ editor for 3 years. As a GREEN+ expert, he covers the energy transition with data-driven stories.
European stock markets plunged once again as American tariffs on goods imported from the European Union took effect today. During the night, President Donald Trump announced a 104% levy on Chinese imports. As the trade war keeps escalating, Beijing retaliated and has announced an 84% tariff on imported US goods from tomorrow.
Meanwhile, European lawmakers also adopted a 25% levy on a range of products imported from the US, including soybeans, orange juice, and steel, in an escalating trade war. The European Union belongs to the ‘worst offenders’ group defined by the US president, and has been hit with a 20% broad tariff and a 25% on steel and aluminum and cars. On Monday, European Commission president Ursula von der Leyen offered a deal to remove tariffs on industrial goods. The White House rejected the offer.
As the trade war intensifies, what are the European industries and countries most affected by it?
An overview of the EU-US trade
The EU and the US have the largest bilateral trade in the world. In 2023, the EU-US trade was worth €1.6 trillion. The EU exports more goods–€531.6 billion in 2023–while the US exports more services. Trade volume has been expanding in the last decade.
Top exported and imported goods
What are the key traded goods? European data portal Eurostat highlights five product groups that make up roughly half of all EU exports to the US (49,5%). These include road vehicles, industrial machinery, and, most importantly, pharmaceuticals. Initially excluded by the tariffs, Trump also announced that a ‘major tariff’ on pharmaceutical imports will soon come.
Five product groups also represent half of all imported goods. Fossil fuel imports represent nearly 22% of overall imports, 16% of which are petroleum and related products, and 5.8% are gas.
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The most impacted countries by the trade war
According to 2023 Eurostat data, Ireland is by far the most dependent country. Over a quarter of its total exports went to the US. Finland, Italy, and Germany followed, with roughly a tenth of their exports going to the US. The two other major EU economies, France and Spain, registered lower shares of exports to the US. 4.7% of the total Dutch exports went to the US.
Another way to look at it is by examining the value of these exports. Germany's exports totalled over €157 billion in value, followed by Italy and Ireland. The value of Dutch exports amounted to over €40.5 billion.
An analysis by CaixaBank research calculated the importance of the US market in terms of each country’s gross domestic product (GDP). Ireland is once again the most dependent country, considering the volume of both goods and services. Smaller European countries like Cyprus, Luxembourg and Malta depend on the US to provide services. Belgium, the Netherlands, and Slovakia rely more on the US for exporting goods.
© CaixaBank Research
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