Only three EU countries—Germany, Ireland, and Italy—have a trade surplus in goods with the United States, making them the most likely to be severely impacted by the tariffs imposed by the U.S. under Donald Trump’s policies.
According to official U.S. data, Germany had a trade surplus of €57 billion in 2023. The country exported goods worth €144 billion to the U.S., with German-made cars accounting for €22 billion and medical products, including vaccines and blood-based treatments, making up another €11.4 billion. Meanwhile, the U.S. exported €87 billion worth of goods to Germany, including €8.25 billion in vehicles.
Ireland had the second-largest trade imbalance, with a surplus of €50 billion in 2023. This was largely driven by pharmaceutical exports from major U.S. multinational companies manufacturing in Ireland, such as Pfizer. Agricultural products, including butter, also represented a significant portion of Irish exports to the U.S.
Italy ranked third, with a trade surplus of €41 billion in 2023. The country sold approximately €65 billion worth of goods to the U.S., with packaged pharmaceuticals and automobiles accounting for €5 billion and €4.66 billion, respectively. In contrast, U.S. exports to Italy stood at €24 billion, primarily dominated by crude oil and gas.
With Trump’s trade policies expected to impose heavy tariffs on EU imports, these three nations are likely to bear the brunt of economic retaliation, potentially sparking trade tensions between the U.S. and the European Union.
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