This briefing provides an overview of the economic, financial, and monetary implications of US tariffs for the EU over the past year, as of the cut-off date of 25 February 2026. Given the high level of uncertainty, the analysis presented assumes a continued implementation of the EU-US framework agreement. The briefing and the analysis presented were prepared prior to the recent U.S. and Israeli airstrikes on Iran, and therefore do not take into account any subsequent market volatility or change in the underlying assumptions. This briefing updates a previous one. The first part of the briefing outlines recent developments, including the EU-US trade deal, the 20 February 2026 US Supreme Court ruling on the legality of the imposed tariffs by the US President, and the EU’s countermeasure toolkit. The second part analyses the impact on the EU economy across sectors and Member States, financial markets and monetary policy challenges. Source : © European Union, 2026 - EP Read more