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On Tuesday, 24 March, AmCham EU hosted Leopoldo Rubinacci, Deputy Director-General, Directorate-General for Trade, European Commission, to discuss the changing landscape of transatlantic trade in a context of rising protectionism and uncertainty. The meeting was timely as Transatlantic stakeholders eagerly wait for the European Parliament vote on Thursday, 26 March, on the EU-US framework agreement. Mr Rubinacci was positive that MEPs will support the agreement and that this will allow the EU-US to move forward. The discussion also looked at differences in areas such as tariffs, industrial policy and market access, and how these affect businesses operating across the Atlantic. Mr Rubinacci highlighted the importance of continued dialogue and cooperation to manage these challenges and avoid further disruption to global trade.

The European Parliament’s International Trade (INTA) Committee vote to approve the Commission’s tariff reduction proposals keeps the implementation of the July 2025 EU-US Framework Agreement on track. This vote was a critical signal that the EU intends to stick to its side of the deal, just as we expect the US to uphold theirs.

AmCham EU now calls for the European Parliament to adopt these proposals in a plenary vote at the earliest possible opportunity. The transatlantic commercial relationship is worth $9.8 trillion, with $6.4 billion in goods and services exchanged between Europe and the US every day. Predictability on the rules and costs of trading across the Atlantic is essential for planning, investment and jobs.

AmCham EU is opposed to broad-based tariffs. We understand MEPs’ caution in a volatile transatlantic political environment and have called for the US administration to provide greater clarity on its tariff policy. However, given political priorities on both sides, we still see the EU-US Framework Agreement as the most realistic path to securing a more constructive EU-US trade and investment climate that helps businesses plan ahead.

Beyond tariffs, the Framework Agreement offers a platform for deeper EU-US cooperation on shared priorities, including critical minerals supply chains, addressing nonmarket practices and strengthening cybersecurity. Today’s vote paves the way for the next phase of that agenda.

Following a year of political and trade tensions between Europe and the United States, commercial ties between the two sides – the deepest and broadest between any two regions in history – have held remarkably strong. In a new study from the American Chamber of Commerce to the EU (AmCham EU) and the US Chamber of Commerce, authors Daniel Hamilton and Joseph Quinlan value the transatlantic economy at a record $9.8 trillion in 2025, up from $9.5 trillion the previous year. This figure comprises an estimated record $2.3 trillion in goods and services trade between Europe and the United States and $7.5 trillion in combined affiliate sales.