$5B Per Day

MESSAGE FROM THE PRESIDENT

July 14, 2025

Tariffs lead the news again today, with the White House announcing a 30% tariff on goods imported from the European Union and Mexico. In a CNBC story out this morning, the numbers are as follows: “The U.S. and EU have the largest bilateral trade and investment relationship in the world, representing almost 30% of global trade in goods and services. Last year alone, the value of EU-U.S. trade amounted to 1.68 trillion euros, or $1.96 trillion dollars.” That’s the equivalent of roughly $5.0 billion per day.

To get a sense of the scale of this policy issue, it’s important to have accurate data. The list of top countries we import from can be found on the website of the Office of the United States Trade Representative. While China is the top exporting country to the U.S., the 27 member states of the EU collectively form the largest exporter to the U.S. annually.

Resolving trade imbalances is a worthy objective. However, other countries received tariff letters too. Take, for example, the developing and relatively poor country of Bangladesh: “Bangladesh is a relative giant in the apparel business, so perhaps there’s some logic to targeting the South Asian nation. However, with a per capita GDP of $2,600, it’s not clear how much room it has to increase imports from the U.S. or negotiate a lower rate than the proposed 35% offered by the Administration.”

News You Can Use

We start off the week with the Consumer Price Index (CPI) for June and CPI year over year, followed by remarks from several Fed officials, including Governors Michelle Bowman and Michael Barr, President Susan Collins, and President Lorie Logan. Wednesday brings us the Producer Price Index (PPI) for June, PPI year over year, and industrial production and capacity utilization for June. We’ll see initial jobless claims for July, U.S. retail sales for June, business inventories for May, and more on Thursday. We close out the week on Friday with June housing starts and building permits.

This is a busy week for earnings calls. FB Financial and Simulations Plus get things started today, followed by JPMorgan Chase, Citigroup, Wells Fargo, BlackRock, BNY Mellon, and Fulton Financial tomorrow. We'll hear from Bank of America, First Horizon, Goldman Sachs, M&T Bank, Morgan Stanley, PNC, Progressive, United Airlines, and more on Wednesday. Citizens Financial Group, GE Aerospace, PepsiCo, and Webster Financial are among the others with calls on Thursday, with 3M, American Express, Charles Schwab, and Truist rounding out the week on Friday.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Uniquely Delaware

The European Union's Trade Footprint in Delaware

Trade and investment ties between Delaware and the European Union (EU) are a major economic driver for the state. In 2023, Delaware exported $822.2 million in goods and $651.5 million in services to the EU, supporting 2,789 and 2,586 jobs respectively. Top goods exports included navigational, measuring, medical, and control instruments ($126 million), pharmaceuticals and medicines ($125.4 million), basic chemicals, synthetic rubber, plastics, and agricultural products like soybeans and broiler meat. EU investment in Delaware totaled $5.5 billion and supported 13,300 local jobs. Read more >

World Trade Center Delaware is a non-profit organization that helps small and medium-sized businesses navigate the intricacies of international trade. Through business roundtables, seminars, and one-on-one consulting, they equip companies with the knowledge and connections they need to expand in the global marketplace.

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