The U.S. Chamber of Commerce warned today, on Monday, that the trade war between the United States and Europe poses risks to business across the Atlantic totaling $9.5 trillion annually. The chamber, which includes more than 160 members, including Apple, Exxon Mobil, and Visa, in its annual report on the economy across the Atlantic showed significant trade relations that are expected to reach record levels in 2024, such as goods and services trade totaling two trillion dollars. Last week, Washington introduced tariffs on steel and aluminum, while the European Union developed response plans. The report also mentions that 2025 is expected to be a year of significant promise and risk for the largest trade relations in the world.
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"Well-balanced transatlantic trade relations are key to the prosperity of American and European economies," said the chamber's president Tom Donohue. "Continued tariff disputes will impose losses on all sides and lead to job losses and a decreased quality of life in both economies."
