The European Union (EU) is set to post a record trade surplus with the US by 2024, totalling €532 billion ($558.2 billion). While this is a remarkable achievement, it also puts the EU at risk of being hit by US import tariffs.
Data from the European statistical agency Eurostat shows that the EU exported goods worth 532 billion euros to the US in 2024, 199 billion euros more than it imported from the US. Compared to 2023, this figure exceeded the trade surplus of 157 billion euros.
The widening trade imbalance is partly due to a decline in the value of US liquefied natural gas (LNG) exports to Europe. Since 2022, the EU has stepped up LNG purchases from the US to replace supplies from Russia.
Weaker import demand as European consumers save more has also contributed to the widening of the trade gap. While Americans are cutting back on savings to spend more freely, EU citizens are increasing their financial accumulation to cope with an uncertain economic outlook.
The dynamics of the EU economy are becoming more unpredictable as the Trump administration continues to escalate its warnings about imposing tariffs on goods from the bloc. President Trump has said he will “absolutely” impose new tariffs and has asked federal agencies to bring US tariffs in line with those of other trading partners.
Several European sectors could be hit hard if tariffs are imposed, including pharmaceuticals, automobiles, nuclear equipment and medical devices. However, given that the US is a major energy supplier to the EU, the EU’s ability to retaliate with tariffs on energy imports would be limited.
Despite challenges from the US, the EU will maintain a trade surplus with the rest of the world, reaching 150 billion euros in 2024. This figure reflects the important role of the EU in the global trade picture.
Overall, achieving a record trade surplus with the US in 2024 is an important milestone for the EU. However, the widening trade gap also puts the EU at risk of being subject to US tariffs in the near future.
Source: https://doanhnghiepvn.vn/quoc-te/vi-sao-eu-lo-ngai-du-lap-ky-luc-thang-du-thuong-mai-voi-my/20250219111259729
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