Trading Partner Portal: European Union
Administration Announces Intent to Open Trade Talks with EU, UK, Japan
The U.S. Trade Representative notified Congress of the Trump administration’s intent to enter into trade negotiations with the European Union.President Donald J. Trump is working to open new markets for U.S. farmers and companies where they currently face significant barriers. As U.S. House Ways and Means Committee Chairman Kevin Brady (R-Texas) noted, new high-standard trade agreements with each of these countries would expand the United States’ ability to sell “made in America” products around the globe and deepen partnerships with vital allies.
EU Trade in the US: Trade Data Tool
The EU market represents 447.5 million people, and has a total GDP of $15.6 trillion, as of 2019. The United States has 328 million people and a Gross Domestic Product of $21.43 trillion according to the World Bank, as of 2019. The European Union (EU) consists of 27 countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. The EU currently has 46 trade agreements with 78 countries.
Total bilateral trade between the European Union and United States was over $1 trillion in 2020, with goods trade accounting for $755.76 billion, the United States exported $290.76 billion worth of goods to EU member nations, a decrease from $336 billion in 2019. In 2018, 48 out of 50 U.S. States exporter more to Europe than to China. Top U.S. exports to the EU were chemicals, transportation equipment, computer/electronic products, and oil and gas. Imports into the US from the EU decreased to $465.1 billion in 2020 from $514 billion the year before. Top imports from the EU to the U.S. were chemicals, transportation equipment, non-electrical machinery, and computer and electronic products.
The U.S. and EU transatlantic economy support 16 million jobs, accounts for one third of world GDP, and 30% of world trade. 4.7 million jobs in the U.S. are directly supported by European companies in the U.S. (AmCham Europe Report). 14.8 million EU tourists traveled to the U.S. in 2015. The top five service exports from the US to the EU are: business services including Telecom, travel including passenger fares, royalties and licensing fees, financial services including insurance, and transport. The top five agricultural exports from the US to the EU are: tree nuts, soy beans, wine and beer, prepared food, and oils. The U.S. and EU are each other’s primary source and destination for foreign direct investment (FDI). The U.S. invested $3.6 trillion in the EU in 2018, representing 61% of total U.S. investment abroad, and the EU invested $3 trillion in the U.S., representing 68% of total FDI in the U.S.(AmCham Europe Report).
California exports to the EU were $30.9 billion in 2020. California is the second largest exporting state to the European Union, with computers, electronic products, transportation equipment, chemicals, and agricultural products as our leading export sectors to the region. European Union countries purchase roughly 20 percent of all California exports. For California companies, the single market presents a stable market with huge opportunity. Imports from the EU to California totaled $33.9 billion and consisted of 33.4% transportation equipment followed by less than 10% in the rest of the categories including computer products, chemicals, and non-electrical machinery.
California had the most jobs supported by European FDI in 2017 totaling 447,200. European companies accounted for 56% of foreign affiliate jobs in California. On a country basis, U.K. companies operating in California accounted for 112,900 jobs and represented 14% of total foreign affiliate employment in California; France accounted for 90,1000 jobs; and Germany accounted for 79,400 jobs (AmCham Europe Report).
EU Unveils 300 Billion Euro Answer to China’s Belt and Road
Reuters, December 1, 2021
New Report: The Transatlantic Economy 2021: Annual Survey of Jobs, Trade and Investment between the U.S. and Europe
AmCham Denmark, March 24, 2021
Joint Communication To The European Parliament, The European Council and The Council: A New EU-US Agenda for Global Change
European Commission, December 2, 2020
The guiding principles of a new transatlantic agenda
- The transatlantic partnership should work to advance global common goods,
providing a solid base for stronger multilateral action and institutions. It will support all like-minded partners to join.
- The EU and the US should pursue common interests and leverage our collective
strength to deliver results on our strategic priorities.
- We should always look for solutions that respect our common values of fairness,
openness and competition – including where there are bilateral differences
Working together on technology, trade and standards
- The EU and the US must work closely together on solving bilateral trade irritants
through negotiated solutions and lead WTO reform efforts.
- Establish a new EU-US Trade and Technology Council to help, facilitate trade, develop compatible standards and promote innovation.
- The EU and the US should open a transatlantic dialogue on the responsibility of online platforms and Big Tech – starting by working together to find global solutions for fair taxation and market distortions in the digital economy.
- Develop a common transatlantic approach to protecting critical technologies in light of global economic and security concerns – starting by discussions on 5G.
- Work on an AI Agreement and intensify cooperation to facilitate free data flow with trust.
- Renew cooperation on regulation and standards, starting by re-engaging on conformity assessment negotiations and aligning positions in international bodies.
“The Transatlantic Economy 2020,” confirms that the United States and Europe share the most integrated and 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. 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. 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
US-EU Auto Tariffs: What’s at Stake?
Atlantic Council, June 14, 2019
The United States is the most important export market for European cars, accounting for 29 percent of the value of all exported cars from the EU. By comparison, US-based companies are delivering 19 percent of their car export value to Europe. European car manufacturers, such as Volkswagen and BMW, contribute to this number by exporting more than 50 percent of the cars they produce in the United States. Almost six percent of the EU’s working population is employed in the car sector. On the other side of the Atlantic, the German car companies BMW, Mercedes, and Volkswagen have created almost 120,000 jobs by building manufacturing plants across the southern United States.
The European Parliament (EP) voted in favour of the EU-Canada Comprehensive Economic Trade Agreement (CETA). Members of the EP cast 408 votes for and 254 votes against. As the consent vote is positive, the EU will now proceed with the provisional application of the agreement that should take place by April 1st, and possibly even sooner.
| CalChamber Issues Statement on Brexit Vote The Transatlantic Economy 2019
CalChamber, June 24, 2016
Brexit Explained: What’s Next on the UK’s Road Out of the EU
The Sacramento Bee, March 14, 2017
U.S. Chamber, March 20, 2019
Photo Release: Czech Republic Signs California-Led Under 2 MOU Climate Agreement
Governor’s Office April 4, 2016
EU Agricultural Exports, Trade Surplus with U.S. Reach Record Levels in 2015 – USDA, March 2016
Trade Policy Review
World Trade Organization, July 2015
Court of Justice of the European Union (ECJ) – “patent possible on retail store layout
Apple wins in principle case on trademark registration in Europe
Jyllands-Posten, August 11, 2014
Transatlantic Economy Remains Pivotal
The Transatlantic Economy 2012, a new report by Johns Hopkins University (SAIS), the European American Business Council and the American Chamber of Commerce in the EU, details how despite the recession, the US and Europe remain each other’s most important markets. No other commercial artery in the world is as integrated. The US and Europe are each other’s primary source and destination for foreign direct investment.
The entire Transatlantic Economy report is available here.
Perspectives: “Buy America” and the Future of TTIP? – The European Institute, July 2013
Germany and the Euro Zone Balance of Power: Transatlantic Trade to the Rescue?? – AICGS, June 24, 2013
United States, European Union Reaffirm Commitment to Open, Transparent, and Non-Discriminatory Investment Policies April 2012
“The Case for Investing in Europe”. By AmChams 2015
United States and European Union Agree to Historic New Partnership on Organic Trade – Feb 2012
A Transatlantic Zero Agreement Estimating the Gains from Transatlantic Free Trade in Goods
2010 study by the European Centre for International Political Economy
A New Trade Relationship with Europe?
The Ripon Forum, Summer 2012
Foreign Direct Investment
In 2009, EU foreign direct investment in the United States was approximately $1.5 billion. Bureau of Economic Analysis
EU countries sent roughly 2 million tourists to California in 2010, stimulating the Californian economy.
Of all 28 countries, the British, Germans, French, and Italians came in the largest quantities.
(California Tourism and Travel Commission)
policy on corporate social responsibility (CSR). By taking steps to better meet their social responsibility, enterprises can help themselves and help society as a whole. The European Commission’s strategy on CSR aims to create conditions favorable to sustainable growth and employment generation in the medium and long term.
In November, 2011, several business organizations sent a letter to EU Commissioner for and U.S. Deputy National Security Advisor for International Economic Affairs welcoming the reinvigoration of the U.S.-EU Investment Dialogue and urging support for strong principles on the treatment of foreign investment by third countries. The letter states:”The October meeting of U.S. and EU investment policy officials, the first since 2008, clearly re-established that the European Union and the United States share a common agenda on investment issues, as outlined in our July 14 letter as well as the May 2008 Joint Statement. We look forward to further active and substantive efforts by you as TEC Co-chairs and your administrations in this area.”
Unique investment opportunity in the Port of Antwerp
Port of Antwerp, October 9, 2014
Embassy Releases T-TIP ‘Call to Action’ Report
American Chamber of Commerce in Denmark, April 8, 2015
Søvndal and Clinton: Let’s work together to stabilize fragile states
Embassy of Denmark in Washington, D.C., January 10, 2012
AmCham EU’s Presidency Delegation Visits Copenhagen
AmCham Denmark, December 13, 2011
Multinational Enterprises – How important are they for the Danish Economy?AmCham Denmark, May 09, 2011
American-Hellenic Enterprise Initiative (AHEI)
American- Hellenic Chamber of Commere
World Expo Milan 2015
The organization of the Expo is looking for public and private partners interested to engage on the issue selected as theme for the Expo: “Feeding the Planet, Energy for Life”.
The Mission of the American-Hellenic Enterprise Initiative is to develop and implement Greece-U.S. actions that further bi-national trade, partnerships, investment, technology transfer, green energy solutions, R&D, and entrepreneurship through the combined efforts of AHEI Partners.
Trade Mission to UK – London Alert April 1987
Trade Mission to Germany Alert Nov. 1989
Trade Mission to Spain Alert Nov. 1989
The EU Made Simple
The EU Made Simple
The California Chamber of Commerce has joined forces with the American Chamber of Commerce to the European Union in Brussels to introduce many of their informative publications to our members. The most recent publication, The EU Made Simple, is offered at a discount price to CalChamber members.
The EU is one of the major players in international trade, regulatory standards, environmental policy and global security and defence. Therefore understanding the EU institutions, their processes, the key players and how decisions are made is key to business success in Europe. AmCham EU has recently published the third edition of The EU Made Simple which includes all the structural and other changes to EU governance since the implementation of the Lisbon Treaty this year.
The book is an ideal tool for those just beginning in EU Affairs, or for those more experienced practitioners by presenting all material in an easy to follow format. This publication is available to members of CalChamber at the AmCham EU member discounted rate of €15.
You can visit www.amchameu.eu/publications to find out more about this publication and the others offered by AmCham EU.
(April 25, 2019) Brexit is the latest phenomenon in the western world presently characterized by shock and schism, a leading scholar explained yesterday at the California Chamber of Commerce.
“Brexit is the most profound crisis that Europe has had since the end of the Second World War,” Dr. Matt Beech, senior fellow at the Institute of European Studies at the University of California, Berkeley, told nearly 100 guests at the CalChamber International Luncheon Forum. The luncheon was sponsored by Suburban Water Systems, a CalChamber member.
Dr. Beech provided attendees with an analysis of the potential implications for the United States and specifically, trade in California, with Britain’s potential withdrawal from the European Union.
The Honorable Jolana Mungengova Member of EU Commission Cabinet visits with Susanne Stirling, CalChamber Vice President for International Affairs on January 24, 2017 to discuss Trans-Atlantic relations.
On May 27, 2015, the California Chamber of Commerce held an International Forum on the Transatlantic Trade and Investment Partnership and the Transpacific Partnership with speakers including members of the United States Chamber of Commerce, representatives from five American Chambers of Commerce from abroad, and two ambassadors. Also in attendance was a delegation totaling 25 members of the AmCham community representing Bulgaria, Croatia, Denmark, Estonia, France, Greece, Ireland, Israel, Kosovo, Latvia, Lithuania, Macedonia, Norway, Poland, Romania, Serbia, Slovak Republic, Slovenia, and Turkey.
French Ambassador Highlights Innovation, Entrepreneurship
(June 11, 2012) Economic relations between France and California were the subject of the day when the Ambassador of France called on the California Chamber of Commerce in Sacramento. During his trip to Northern California, Ambassador François Delattre focused on innovation and entrepreneurship with visits to Berkeley and the Bay Area.Regarding the European Union, the Ambassador cited economic restraint, promoting growth, and improved governance as key priorities for the near future.
The United States exported $27.8 billion to France in 2011, while importing $40 billion. California exports to France totaled $2.3 billion in 2011, while imports amounted to $2.5 billion. Transportation equipment is a major import and export product. France is a major investor in California, with French companies supporting 60,000 jobs.
(March 10, 2011) E.U. Ambassador to the United States João Vale de Almeida presented his perspectives on E.U. relations with the U.S. in response to questions from CalChamber President and CEO Allan Zaremberg and other audience members at the CalChamber-hosted International Luncheon Forum. video
CalChamber Hosts European Union Ambassador 2007
(June 28, 2007) The California Chamber of Commerce this week hosted His Excellency John Bruton, European Union Ambassador and Head of Delegation of the European Commission to the United States, at an international dinner forum and discussed ways to improve trade and business relations between Europe, the United States and California.
CalChamber Hosts German Minister of Foreign Affairs
(August 31, 2007) The California Chamber of Commerce hosted the Honorable Frank-Walter Steinmeier, Minister for Foreign Affairs of Germany yesterday, for an international luncheon to discuss climate and energy policy.
More than 80 guests attended the working luncheon on August 30 and greeted Minister Steinmeier. Among the attendees were California and German government officials and business people from California and Germany, including representatives of transportation, manufacturing and technology.
CalChamber Hosts Prime Minister of Denmark
(June 12, 2006) Joining His Excellency Anders Fogh Rasmussen, Prime Minister of Denmark (second from left) at a brief reception following his international trade dinner talk at the California Chamber of Commerce are (from left) Roger Baccigaluppi, chairman of RB International and Chamber Board member; Susanne Stirling, Chamber vice president of international affairs; Anne-Mette Rasmussen, First Lady of Denmark; and The Honorable Finn Martensen, Honorary Consul of the Royal Danish Consulate.
(June 13, 2006) The California Chamber of Commerce hosted His Excellency Anders Fogh Rasmussen, Prime Minister of Denmark, at an international trade dinner yesterday to discuss how research and businesses interact to play a valuable role in promoting bilateral trade between California and Denmark.