The Transatlantic Economy remains the world’s wealthiest market, comprising a significant portion of global trade and accounting for roughly one-third of global GDP. The U.S. and European Union member states maintain the largest bilateral trade relationship in the world. In 2023, annual transatlantic trade in goods and services reached €1.6 trillion ($1.7 trillion), equivalent to a substantial share of total U.S. GDP.

The transatlantic economy supports millions of jobs, with U.S. exports of goods and services to the EU supporting 2.3 million jobs in the U.S., and EU firms’ investments in the U.S. employing 3.4 million people. Small-and medium-sized businesses (SMEs) play a critical role, with U.S. SMEs benefiting from initiatives like the EU-US Trade and Technology Council’s (TTC) webinars on digital tools, enhancing their access to the EU market. Out of the 50 United States, many continue to export more to the EU than to China, with the EU remaining a top export market for most states. Total U.S. goods exports to the EU reached $370.2 billion in 2024, though agricultural exports face new challenges due to tariff threats.

Outside the EU, U.S. exports to other European nations remain significant. In recent years, the U.S. has continued to export billions to Switzerland, Norway, and Turkey, as well as throughout Eastern and Southeastern Europe. For example, trade with Switzerland has grown, though the U.S. recorded a $22.8 billion deficit with Switzerland in January 2025, reflecting the complexity of these relationships. America continues to trade robustly with all of Europe.

The size and success of the transatlantic economy are largely due to our shared ingenuity, entrepreneurialism, and respect for law and order. However, in 2025, the transatlantic trade relationship faces significant challenges. The Trump administration’s “America First” trade policy has introduced uncertainty, with proposed tariffs of 10-20% on EU goods threatening to increase trade costs and potentially reduce EU exports, impacting GDP growth by 0.5-0.9% in the bloc. The EU has responded with plans for countermeasures, with European Commission President Ursula von der Leyen emphasizing the need to protect EU economic interests. Despite these tensions, both sides continue to benefit from deep integration, with platforms and digital trade—highlighted by the TTC’s focus on AI and 6G partnerships—driving innovation and economic resilience. Facing uncertain times on the world stage, including geopolitical tensions with Russia and China, our peoples stand to benefit most from continued cooperation, market integration, and enduring, values-based commitments.