Published
February 13, 2026
As leaders from both sides of the Atlantic gather in Germany for the annual Munich Security Conference this weekend, it is worth recognizing that America’s longstanding ties to Europe—and the U.S. strategic relationship with European countries through the North Atlantic Treaty Organization (NATO)—are a cornerstone of not just global security, but also U.S. prosperity. For America to achieve and sustain 3% economic growth, mitigate the rising cost of living, and address global geopolitical challenges, the transatlantic alliance must be preserved and strengthened.
The economic relationship between the U.S. and Europe has no peer, whether measured in terms of goods and services trade, two-way investment, energy flows, or the exchange of digital information. These ties have made us stronger and more prosperous, and what’s good for Europe has proven very good for the United States.
The commercial relationship between the United States and Europe is by a wide margin the deepest and broadest in history. Overall, U.S. companies do $5 trillion in business in Europe every year — a sum representing nearly half of all their sales overseas. That sum includes nearly $1 trillion in exports and more than $4 trillion in American companies’ sales through their European affiliates, and those revenues directly support job creation and income growth here at home.
Two-thirds of all foreign investment in the United States comes from Europe. European companies employ more than five million Americans, and state governors compete to woo the next big project from across the Atlantic. Many U.S. and European companies use the transatlantic economy as their geo-economic base, giving them an edge in global competition. Underpinning the gargantuan transatlantic economy are deeply intertwined U.S.-EU supply chains in critical sectors like semiconductors, pharmaceuticals, and aerospace and defense—enhancing our resilience through shared standards and security. The Chamber’s annual Transatlantic Economy report has many more details about the relationship’s myriad benefits.
Undermining this alliance hurts U.S. businesses. Even a change in sentiment in our allied countries carries consequences for American companies—a phenomenon we’ve already observed in U.S. goods exports to Canada, which fell by $12 billion in January-November 2025 from the previous year, and Canadian tourism and business travel to the U.S. which declined by about 20%.
Aside from the economic consequences, the erosion of our transatlantic alliance multiplies the geopolitical risks we face. Strains in our global relationships have our allies in Europe and elsewhere looking to strengthen trade ties elsewhere, including China. American companies know that, once they lose market share abroad, it can take years to restore commercial partnerships. The consequences could be profound.
Political circumstances are ever evolving, but one thing is constant: the commitment of businesses on both sides of the Atlantic to work together to grow our economies. We urge officials on both sides to avoid policies that risk undermining the world’s largest commercial relationship.
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About the author
Marjorie Chorlins
Marjorie A. Chorlins is senior vice president for European Affairs at the U.S. Chamber of Commerce and the Executive Director of the U.S.-UK Business Council.
