WASHINGTON, D.C. - A new study from the U.S. Chamber of Commerce and the American Chamber of Commerce to the EU (AmCham EU), “The Transatlantic Economy 2021,” confirms that the U.S. and Europe remain each other’s most important economic partners despite political turbulence and the COVID-19-induced recession.
“While the transatlantic relationship has been quite fractious in recent years, the U.S. and Europe’s economies remain deeply integrated no matter the metric you use,” said Marjorie Chorlins, the U.S. Chamber’s Senior Vice President for European Affairs. “Investment, trade, the digital economy, services and innovation are still driving the transatlantic economy. We have an important opportunity now to deepen those ties further, especially by quickly eliminating long-standing trade irritants such as the large civil aircraft subsidy dispute and the outstanding tariffs on steel and aluminum, and moving to ensure continued transatlantic data flows.
“The U.S. and Europe must partner to respond to shared challenges, including pandemic response and recovery, climate change, digital transformation, and countering China’s malign practices at home and abroad. We must seize the opportunity to “build back better” together.”
The Transatlantic Economy 2021 report underscores the importance of the transatlantic relationship. Together our economies:
- support 16 million jobs on both sides of the Atlantic
- generate $6.2 trillion in total commercial sales annually
- account for half of total global personal consumption
- comprise one third of global GDP
In addition, the report highlights what to expect in the next year, including a new transatlantic agenda focused on boosting jobs, trade, and investment; the evolving relationship between the U.S., EU, and China; the digital transformation; climate change and sustainability; and the changing dynamics of post-Brexit relations with the UK.
Research for the report was conducted independently by Daniel Hamilton and Joseph Quinlan for the Wilson Center’s Global Europe Program and the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies.
The full report can be found here.
The U.S. Chamber of Commerce is the world’s largest business organization representing companies of all sizes across every sector of the economy. Our members range from the small businesses and local chambers of commerce that line the Main Streets of America to leading industry associations and large corporations. The Chamber’s International Affairs Division is home to more than 80 regional and policy experts and operates in over fifty markets, working through 20 bilateral business councils, cross-cutting initiatives in sectors including defense, sustainability and healthcare, and partnerships with the global network of American Chambers of Commerce.