The economic partnership between the European Union and the United States stands as the world’s most significant, characterized by an unparalleled volume of trade and investment. Considering goods, services, and investments, the EU and US are each other’s largest trading partners, forming the most integrated economic relationship globally. This robust connection is not just about numbers; it’s about the millions of jobs and the essential supplies that underpin both economies.
For the United States, the EU is a vital source of critical goods, ranging from medicinal ingredients and advanced pharmaceuticals to sophisticated machinery and aerospace components. Simultaneously, the EU’s position as the largest buyer of US natural gas and oil is crucial for transatlantic energy security, enabling a united and strong stance against geopolitical challenges like Russia’s aggression towards Ukraine. This reciprocal reliance underscores the deep interdependence and mutual benefit inherent in the transatlantic trade relationship – a relationship that truly brings value to both sides.
The Transatlantic Trade Landscape
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Globally recognized as the most crucial commercial artery, the EU-US trade relationship is a cornerstone of the world economy.
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In 2023, the exchange of goods and services between the EU and the US reached a staggering €1.6 trillion. This translates to a daily flow of €4.4 billion in goods and services crossing the Atlantic.
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The trade balance is remarkably even. In 2023, the difference between EU exports to the US and US exports to the EU was a mere €48 billion, representing just 3% of the total trade volume, highlighting a balanced economic exchange.
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Trade in goods alone totaled €851 billion in 2023. The EU’s goods exports to the US amounted to €503 billion, while imports from the US were €347 billion, resulting in a goods trade surplus of €157 billion for the EU.
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Services trade between the EU and the US reached €746 billion in 2023. EU services exports to the US were €319 billion, and imports from the US were €427 billion, leading to a services trade deficit of €109 billion for the EU.
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Beyond trade, investment ties are equally strong. As of 2022, EU and US companies held €5.3 trillion in investments in each other’s markets, demonstrating deep and integrated economic interests.
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US exports to the EU support 2.3 million jobs in the US, and EU companies’ investments in the US provide employment for 3.4 million people, illustrating the profound job creation impact of this transatlantic partnership. For further details, explore the EU’s Business Footprint in the United States Project.
Last updated: 14/02/2025
EU-US Cooperation and Trade Initiatives
Recent US Policy Statements
The EU-US Trade and Technology Council
Launched at the Brussels summit on June 15, 2021, the EU-US Trade and Technology Council (TTC) serves as a vital platform for cooperation. A recent ministerial meeting took place in Leuven on April 4 and 5, 2024. The TTC facilitates the coordination of EU and US approaches to critical global trade, economic, and technology challenges. It aims to strengthen transatlantic trade and economic links based on shared democratic values, ensuring a collaborative and value-driven partnership.
More information on Trade and Technology Council events is available on the Commission’s dedicated Futurium website.
Trade Negotiations
Despite the extensive trade and investment relationship, the EU and US do not have a dedicated free trade agreement. Negotiations for the Transatlantic Trade and Investment Partnership (TTIP) began in 2013 but were halted in 2016 and formally closed in 2019. While a comprehensive agreement remains unrealized, the ongoing dialogue and existing trade flows continue to define a powerful and dynamic economic alliance.
