More than $9tn in transatlantic trade could be at risk from trade tensions between the US and Europe

The European Chamber of Commerce in the United States has warned that US-EU trade relations have been hit by tariffs, endangering transatlantic trade worth more than $9 trillion a year.

The deepening US-EU trade relationship is set to reach record levels by 2024, with trade in goods and services expected to reach $2 trillion, the American Chamber of Commerce in the European Union (AmCham EU) said in its annual Transatlantic Economy report on Monday. 2025 holds both promise and many risks for the US-EU trade relationship.

US President Donald Trump has introduced a number of tariff policies, including tariffs on imported steel and aluminum products. The European Union has drawn up plans to retaliate, and Trump has threatened to impose 200% tariffs on EU wine and spirits.

Trump has slammed the U.S. goods trade deficit with the European Union and urged manufacturers to make their products in the United States.

The chamber has more than 160 members, including Apple and ExxonMobil. The Chamber of Commerce pointed out that trade is only one part of transatlantic business activity, and investment is the true benchmark. "Contrary to conventional wisdom, most investment in the US and Europe flows to each other, rather than to lower-cost emerging markets," the report said.

Sales of U.S. subsidiaries in Europe are four times higher than U.S. exports to Europe, while sales of European subsidiaries in the United States are three times higher than European exports. The American Chamber of Commerce in the European Union warned that the knock-on effects of the trade conflict could disrupt these close ties.

Daniel Hamilton, lead author of the AMCham report, said intra-firm trade, which accounts for about 90 percent of Ireland's trade and 60 percent of Germany's, could be hit by the U.S.-EU trade conflict.

In addition, US-EU trade tensions could also spill over into services trade, data flows or energy.