The economic partnership between the European Union (EU) and the United States stands as the world’s most substantial bilateral exchange, characterized by deep integration and immense scale. When considering goods, services, and investments, the EU and US are unequivocally each other’s largest trading partners, a testament to a deeply interwoven economic relationship.
This transatlantic commerce is not just about numbers; it’s about jobs and security. Millions of jobs across the United States are directly linked to the robust trade and investment flows with the EU. The European Union serves as a dependable supplier of crucial resources to the US, including vital medicinal components, advanced industrial machinery, and essential aerospace parts. Conversely, the EU is the largest global purchaser of US natural gas and oil, a critical factor in bolstering transatlantic energy security and enabling a united front against geopolitical challenges, such as Russia’s aggression against Ukraine.
The Transatlantic Trade Landscape
- Globally significant, the EU-US trade relationship is the cornerstone of international commerce.
- In 2023, the total value of EU-US trade in goods and services reached a staggering €1.6 trillion. This translates to an average daily flow of €4.4 billion worth of goods and services crossing the Atlantic.
- Trade balance is a key feature: the difference between EU exports to the US and US exports to the EU was a mere €48 billion in 2023, representing only 3% of the total bilateral trade volume.
- The goods trade alone amounted to €851 billion in 2023. The EU’s goods exports to the US were valued at €503 billion, while imports from the US totaled €347 billion, resulting in a goods trade surplus of €157 billion for the EU.
- Services trade between the EU and US reached €746 billion in 2023. EU services exports to the US were €319 billion, while imports from the US were higher at €427 billion, creating a services trade deficit of €109 billion for the EU.
- Investment flows are equally significant. EU and US companies hold €5.3 trillion in investments within each other’s economies (data from 2022).
- US exports to the EU support approximately 2.3 million jobs in the United States, and EU-based companies’ investments in the US provide employment for 3.4 million Americans. Further details are available on the EU’s Business Footprint in the United States Project.
Alt text: Cargo ship loaded with containers, symbolizing the vast scale of EU-US goods trade.
Last updated: 14/02/2025EU and US Collaboration
Recent US Policy Statements
The EU-US Trade and Technology Council (TTC)
To further strengthen this vital partnership, the European Union and the United States established the EU-US Trade and Technology Council (TTC) at their summit in Brussels on June 15, 2021. The most recent ministerial meeting took place in Leuven on April 4 and 5, 2024. The TTC serves as a crucial platform for the EU and the US to align their strategies on critical global trade, economic, and technological challenges. It aims to deepen transatlantic trade and economic ties, grounded in shared democratic principles and values. More information on the Trade and Technology Council can be found on the European Commission’s Futurium website.
Alt text: EU-US Trade and Technology Council meeting setup with flags, representing cooperation on trade.
Trade Negotiations
Despite the deeply integrated trade and investment relationship, a dedicated free trade agreement between the EU and the US remains absent. Negotiations for the Transatlantic Trade and Investment Partnership (TTIP) commenced in 2013 but were halted in 2016 without reaching a conclusion. These negotiations were formally closed in 2019.
Engaging in Trade with the United States
This robust trade relationship, measured in trillions of euros, underscores the economic significance of the US for the European Union and vice versa. Understanding the dynamics of “Us To Euros” in this context means recognizing the sheer volume and value of goods, services, and investments exchanged, all contributing to a transatlantic economy that significantly impacts global markets and livelihoods.
