WEALTH September 26, 2025 0 Comments

US Firms in Europe Betting Big: Is This the Calm Before a Tariff Storm or a Secret Growth Surge?

Ever wonder if the longstanding handshake between US firms and their European counterparts is starting to slip? Nearly half of American companies operating across the pond are bracing for a chill in transatlantic economic relations. Yet, here’s the twist—this gloomy forecast isn’t nearly as dark as it was earlier this year. Thanks to a recent survey by the American Chamber of Commerce to the European Union, we’ve seen a remarkable shift: the pessimism has halved from January’s staggering 89% down to 46% today. Could a freshly inked trade deal between Brussels and Washington be the balm to soothe frayed nerves, or is it merely a respite before the next storm? The deal eases most EU duties on US goods, although the US keeps a 15% tariff on many European imports—classic give-and-take if there ever was one. But despite this progress, many business leaders remain wary, citing persistent policy uncertainties on both sides of the Atlantic. For countries like Ireland, stuffed with US multinationals, the verdict’s mixed—hope wrapped in caution, with the promise of stability hanging in the balance. So, what’s next for these economic neighbors, and can real cooperation finally tip the scales toward smoother waters? LEARN MORE

Almost half of US firms operating in Europe expect transatlantic economic relations to deteriorate, but the mood is significantly less pessimistic than earlier this year, according to a new survey from the American Chamber of Commerce to the European Union (AmCham EU).

The survey, published today, shows 46% of respondents anticipate worsening EU-US trade and investment ties.

While still a sizeable share, it marks a sharp improvement from January, when 89% of firms foresaw relations declining at the outset of US President Donald Trump’s second term.

A third of companies now expect stability following a trade deal struck between Brussels and Washington at the end of July.

The agreement will see most EU duties on US goods removed, while the United States maintains a 15% tariff on the majority of European imports.

AmCham EU, which represents more than 160 major US companies, including Apple, Goldman Sachs, Meta Platforms and Visa, said members welcomed the deal despite criticism in some EU capitals.

“They see it as having averted unprecedented damage to transatlantic trade and investment, even as real concerns about the policy environment remain,” said AmCham EU CEO Malte Lohan.

However, concerns about policymaking on both sides of the Atlantic persist.

According to the survey, 60% of companies expect a negative impact from Washington’s decisions, while 56% foresee the same from Brussels.

Conducted between September 8 and 16 among 52 US-controlled members, the survey highlighted tariff reduction as the top priority for businesses.

But executives also flagged broader obstacles, urging policymakers to address non-tariff barriers.

These include EU rules on deforestation, supply chain transparency, and differing regulatory standards.

The report noted that stronger cooperation and mutual recognition of standards would provide further certainty for companies planning long-term investment in Europe.

US firms — U.S. President Donald Trump. (Photo by Andrew Harnik/Getty Images)

For Ireland, home to a large concentration of US multinationals, the survey offers a mixed message.

While tensions remain over tariffs and regulation, the improved outlook suggests firms see the July trade deal as an important stabilising step for the transatlantic business environment.