These U.S. Goods—From Oil To Cars—Could Face Price Hikes As Europe Reportedly Considers New Tariffs

Topline

The European Union is considering additional tariffs on more than $110 billion in U.S. exports if trade negotiations fall through, Bloomberg reported Tuesday, which could impact several industries, including oil and gas, as talks with the Trump administration appear to have stalled.

The U.S. has replaced Russia as one of Europe’s largest oil and gas exporters in recent years.

NurPhoto via Getty Images

Key Facts

The EU will target about €100 billion (roughly $113 billion) in U.S. goods with additional tariffs if trade talks fail to satisfy the bloc, which is expected to discuss the retaliatory levies as early as Wednesday, people familiar with the matter told Bloomberg.

The European Commission, the EU’s executive arm, will reportedly accelerate talks with the U.S. later this week with proposals to lower trade and boost European investments in the U.S.

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These U.s. Goods—oil, Gas, Soybeans, Cars—may Be Targeted By New Eu Tariffs

Nearly 14% of all goods imported to EU countries last year originated in the U.S., according to European Commission data. It’s unclear which goods would be targeted by new tariffs, however, though the largest U.S. exports to the EU covered several industries in 2024:

The U.S. has largely replaced Russia as one of the largest exporters of oil and gas into the EU since Russia invaded Ukraine in 2022, as petroleum oil and crude oil were the most imported products from the U.S., according to European Commission data.
Medicine and pharmaceuticals were the EU’s second-most imported goods from the U.S., accounting for more than $30 billion in trade in 2023 and 2024.
Engines and motors were the third-most imported goods from the U.S., totaling an estimated $50 billion in combined trade in 2023 and 2024.
Several agricultural goods were exported from the U.S. to the EU in 2023, including $3.6 billion in soybeans, $2.2 billion in tree nuts, about $850 million in fresh fruits and nearly $571 million in oilseeds and other products.
About $10 billion in new cars were exported from the U.S. to the EU in 2023, with another roughly $8 billion sent in 2022.
Aerospace products and parts exports from the U.S. totaled about $35.3 billion in 2023.
In 2022, about 3.5% of all U.S. global exports went to Germany, where the U.S. largely sent chemicals, plastics, rubber, leather goods, machinery and mechanical appliances and transportation equipment.

How Many U.s. Jobs Are Backed By European Investment?

Nearly 1 million jobs in the U.S. were supported by trade in services with the EU in 2023, while another 3.4 million are supported by European investment, trade data from the EU suggests. Among the industries receiving the most support from EU trade and investment are aerospace, oil and gas, pharmaceuticals and medicines, medical equipment, vehicles and agriculture.

What Has Europe Said About U.s. Trade Talks?

European Commission President Ursula von der Leyen said the EU will “give negotiations a chance,” though Bloomberg previously reported talks with the U.S. have made little progress as some European negotiators left talks “with little clarity” on Trump’s goals for a deal. Trump, during a meeting with Italian Prime Minister Giorgia Meloni, said, “There will be a trade deal, 100%,” between the U.S. and EU. Meloni, a right-wing Trump ally, said she was “sure” the U.S. and EU could reach an agreement.

Key Background

Trump announced sweeping tariffs on U.S. trade partners last month, though he has since pared back his levies to include a 10% baseline tariff on most imported goods. Trump administration officials have said more than 75 countries have reached out to the White House to negotiate trade deals, even as details of those talks have yet to be disclosed. Trade deals with Japan and countries surrounding China have been prioritized, NBC News reported, with South Korea and Vietnam as “key priorities.” The Trump administration has promised “90 deals in 90 days,” with some countries and blocs like the EU pausing planned retaliatory tariffs, as negotiations ensue.