AmCham Barometer: Impact of U.S.-EU Tariffs

With the aim of assessing the impact of tariffs between the United States and Europe, as well as the subsequent challenges and priorities that companies face in this new trade context, AmCham Portugal conducted two surveys among its members: the first prior to the tariff agreement and the second after its entry into force.

These surveys are essential to ensure that AmCham can effectively represent the interests of its members and develop initiatives that support and address the needs of the Portuguese business community.

From the most recent survey, carried out after the agreement, the key findings include:

• Areas such as sales (60%), exports/imports (60%), supply chains (46.7%) and profit margins (46.7%) are the most affected by tariff changes;

• 50% of companies have adjusted or intend to adjust their business strategies, with a particular focus on exploring new markets (45.5%) and alternative suppliers (9.1%);

• 58.3% of respondents plan to adopt cost transfer measures to mitigate the impact of tariffs;

• There remains an expectation of price increases for end consumers, ranging from moderate to significant. However, this outlook is more positive than in the first survey conducted in April 2025. It is also worth noting that 22.2% of companies believe the new tariffs will have no impact on final prices for their clients.

When compared with the pre-agreement period, the following stand out:

• Improved predictability in transatlantic trade relations;

• Increased likelihood of companies investing in or expanding operations to the U.S., reflecting greater confidence in the economic environment.

AmCham Portugal will continue to closely monitor these developments, promoting dialogue between decision-makers and businesses, while ensuring that the voice of its members is heard throughout this process.