Report also highlights the need for continued efforts to address the coronavirus impact together
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 2020,” confirms that the United States and Europe continue to share the most integrated economic partnership globally. Today, the relationship is being tested by the recent impact of the coronavirus on supply chains and demand, persistent trade disputes, and uncertainty about the contours of the UK’s future economic relationship with the EU.
“America’s economic relationship with Europe is a key driver of our shared prosperity,” said Marjorie Chorlins, Senior Vice President for European Affairs, U.S. Chamber of Commerce. “We face a global emergency as impacts of the coronavirus are felt by businesses, workers and the global economy overall. Increased tariffs on medical supplies or “buy American” requirements which interrupt the supply chain could hinder trade and investment flows and need to be avoided.
“As global uncertainty rises, the U.S. and Europe must urgently redouble their efforts to resolve differences and address challenges together. Both economies must avoid new restrictions on trade that would inhibit our ability to fight the global pandemic or hamper efforts to return our economies to sounder footing.”
The Transatlantic Economy 2020 report focuses on the strong economic partnership globally, and features analyses of the jobs, trade and investment impacts of the relationship for all U.S. states and 30 European countries.
For example, the transatlantic economy:
• supports more than 16 million jobs on both sides of the Atlantic
• generates more than $5.6 trillion in commercial sales a year
• accounts for half of total global personal consumption.
In addition, more than $3.8 billion in goods and services is traded across the Atlantic every single day. No place in the world has attracted more U.S. foreign direct investment than Europe, and Europe remains by far the largest source of foreign investment into the U.S. Moreover, the digital revolution is dramatically reshaping what can be traded and delivered electronically, leading to record levels of services exports in both directions.
Research for the report was conducted independently by Daniel Hamilton and Joseph Quinlan for the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs Division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.