These figures do not happen by accident. They reflect the sheer scale and interconnectedness of this $9.8 trillion commercial relationship, built on decades of mutual foreign direct investment (FDI). US FDI stock in Europe stands at $4 trillion; European FDI stock in the US stands at $3.6 trillion. And this investment has an impact on the bottom line: in the first nine months of last year, Europe accounted for 58.8% of total income earned by US subsidiaries around the world.
In short, here we are, a year later, still trading, still investing, still interlinked in ways that no other economic partnership in the world can match.
That is not to downplay the risks. When you dig underneath some of the headline figures from the last year, you see signs of strain. The 2025 trade in goods numbers, for instance, are a tale of two halves. Companies did what they always do: adapt. To avoid the uncertainty of potential tariffs, businesses importing from Europe to the US frontloaded their shipments. This meant that while US imports had risen by 30% compared to 2024 up to June, this increase levelled out to a more modest 9% by the end of the year. US affiliate sales growth in Europe should also be read with some caution, as exchange rate shifts – particularly a stronger euro – played a role in inflating top-line numbers.
The point is there can be no room for complacency. A thriving transatlantic economy benefits Europe and the US alike. At a moment when economic resilience, supply chain dependencies and shifting security realities are central to policy debates on both sides of the Atlantic, it is worth recalling that European and American companies are strongest – and most competitive globally – when they can rely on the scale of the transatlantic economy.
The good news is that transatlantic trade relations are heading towards a more constructive place. Following the European Parliament’s vote to approve tariff reductions for certain imports from the US, it looks like the EU is now moving forward with the agreed steps to implement the July 2025 EU-US Framework Agreement. This is a process that should help to put the transatlantic trade and investment relationship back on firmer footing.
The EU-US Framework Agreement is not perfect, but it beats unrelenting trade tensions. AmCham EU opposes broad-based tariffs for the disruption they pose to supply chains and the costs they raise for businesses and consumers. However, given political priorities on both sides, this Framework Agreement still provides the most realistic path to a more constructive EU-US trade and investment climate that helps businesses plan ahead.
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