1 August 2025

US air imports from the EU up 16% April-May 2025 vs 2024 despite new tariffs

With the new EU-US trade deal coming into effect tomorrow, key implications on Transatlantic air cargo:

⏹️ April and May EU imports to US grew YoY despite 20% tariffs — likely frontloading

⏹️ Growth primarily driven by France and Italy (meaningful increase in shoes, handbags respectively)

⏹️ New deal ‘reduces’ tariffs to 15%, but still 15x average rate from 2024
Impact (diversions, reshoring, etc.) dependent on eventual relative tariff level vs. other countries

⏹️ Additional sector specific tariffs could still be announced — stability uncertain