Despite the importance of tropical forest conservation in achieving global sustainability goals and the key role of forest-risk commodity trade in driving deforestation, consumer country policy options for reducing imported deforestation have received limited scholarly attention. Drawing on gray literature and a European Commission public consultation, we identify 86 policy options for the European Union to address deforestation. We assess the politicalfeasibilityand map the “theory of change” (TOC)—the causal chain through which the policies address deforestation—for each of these policy options, identifying a trade-off between feasibility and potential impacts: information-based and cooperative policies, which dominate our sample, typically exhibit high feasibility, but mostly lack convincing TOCs, while more stringent regulatory and market-based policy options generally have lower feasibility. We propose three principles for overcoming the feasibility-impact dilemma: (1) build policies on proven TOCs, (2) use policy mixes, and (3) work with key stakeholders, supply chains, and regions.