The EU is reportedly considering a suite of retaliatory measures — including export restrictions to the US — as trade talks with Washington stall and tariffs begin to bite.
Recent data from the European Commission shows EU services imports from the US exceeded €400 billion in 2023, while exports to the US plateaued just above €300 billion — widening the EU’s services trade deficit with the US to more than €100 billion.
In contrast, the EU maintained a goods trade surplus of around €130 billion, driven by nearly €500 billion in goods exports.
“The EU’s services deficit with the U.S. continues to grow, even as trade volumes surge,” said one EU official familiar with the matter, adding that “the imbalance is being carefully watched.”
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Now, the Commission is weighing targeted export controls on critical goods bound for the US — a tactic that mirrors China’s recent restrictions on rare earth elements.
“The objective is deterrence,” said a source involved in the drafting process. “But if the U.S. maintains its aggressive tariff stance, we are ready to respond.”
European Commission President Ursula von der Leyen has also signaled that US tech giants’ advertising revenues could become a future target.
President Donald Trump’s administration last month imposed sweeping new tariffs covering €380 billion of EU exports, including automobiles, semiconductors, pharmaceuticals, and steel. While the EU temporarily delayed retaliatory countermeasures, that pause — currently set at 90 days — may only be a brief reprieve.
Trump remains publicly optimistic about a deal. “I’m very confident,” he said ahead of a meeting with Italian Prime Minister Giorgia Meloni, though European officials reportedly left recent negotiations in Washington with “little clarity” on US demands.
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