Washington, D.C. - A new study from the U.S. Chamber of Commerce and the American Chamber of Commerce to the EU documents the strength of the transatlantic economy, but also warns that accumulating frictions between the United States and Europe are testing the resilience of the world’s largest bilateral commercial relationship.
The Transatlantic Economy 2019 underscores that the economic relationship between the U.S. and Europe remains by far the largest on earth. The transatlantic economy generates more than $5.5 trillion in commercial sales a year and accounts for half of total global personal consumption. Over $3.75 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 (FDI) than Europe, and Europe remains by far the largest source of investment into the United States.
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.
Marjorie Chorlins, the U.S. Chamber’s Vice President for European Affairs, said: “The strength of America’s economic relationship with Europe is unmatched. Transatlantic trade and investment supports 16 million jobs on both sides of the Atlantic. At a time of considerable global uncertainty and shared global economic challenges, the U.S. and Europe must choose to continue working closely together, or risk significant consequences if trade tensions escalate.”
The report focuses on the impact of several recent developments including Brexit and the threat of new U.S. Section 232 tariffs on imported autos and potential European countermeasures. The report also features analyses of the benefits of transatlantic trade and investment for all 50 U.S. states and 30 European countries.
The paper can be viewed online in its entirety here along with an executive summary, key findings, and each of the state and country reports.
The study’s findings will be presented at the U.S. Chamber’s upcoming Transatlantic Business Works Summit on April 8 in Washington, DC, which is open to press.