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The increase in tariffs imposed by the US government on all its trading partners has been a daily topic in all newspapers for months. European exports to the United States reached a new record in 2024, exceeding $530 billion for the European Union alone.

Although there are no precise figures, it is estimated that a significant portion of these exports take place between entities belonging to the same group.

In this short article, we will try to isolate the impact that increases in tariffs on imports into the US market may have on the transfer pricing policies of multinational groups with subsidiaries operating in the United States.