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As headlines blare that Europe and the US are drifting apart, commercial ties between the two sides – the deepest and broadest between any two regions in history – are accelerating. In a new study, authors Daniel Hamilton, Senior Fellow at the Foreign Policy Institute of Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies, and Joseph Quinlan, Senior Fellow at the Transatlantic Leadership Network, value the transatlantic economy at a new estimated high of $9.5 (€8.7) trillion in 2024, up from $8.7 (€8) trillion the previous year. This figure comprises an estimated record $2 (€1.8) trillion in goods and services trade between Europe and the United States and $7.5 (€6.9) trillion in combined affiliate sales. 

The Transatlantic Economy 2025, supported by the American Chamber of Commerce to the EU (AmCham EU) and the U.S. Chamber of Commerce, features the latest insights on jobs, trade and investment between Europe and the United States. The 2025 edition of the study presents record-breaking figures across multiple fronts, including: 

• Trade in goods: Europe-US goods trade of $1.3 (€1.2) trillion; EU-US goods trade of $976 (€899) billion. 

• Trade in services: US services exports to the EU of $275 (€253) billion (est.). 

• Affiliate performance: US affiliate sales in Europe of $4 (€3.7) trillion (est.); European affiliate sales in the US of $3.5 (€3.2) trillion (est.). 

• Energy partnership: US share of Europe’s LNG supplies reaching 48%; Europe’s share of US LNG global exports hitting 55%.  

Despite this strong performance, however, the study highlights a range of risks for 2025, including uneven growth rates between Europe and the US, competitive pressures from China and the prospect of a transatlantic trade war.  

Reflecting on the findings, Malte Lohan, CEO, AmCham EU, stressed the need to safeguard transatlantic economic ties: ‘The study’s findings demonstrate the importance of economic ties between Europe and the US – and the risk of letting the relationship deteriorate. For companies on both sides, the transatlantic economy is more than just a source of profit. It is a common geoeconomic base that gives them an edge in a fiercely competitive world’.   

‘Leaders on both sides of the Atlantic now have a window of opportunity’, Mr Lohan added, commenting on the prospect of continued transatlantic trade disputes. ‘Rather than engaging in a tit-for-tat that only hurts the two economies, they should come to the negotiating table to work out what a positive deal for the transatlantic economy looks like. The numbers show that it is in both sides’ interests’.

The Transatlantic Economy 2024 presents the most up-to-date facts and figures about the economic relationship between Europe and the United States. The research was conducted independently by Daniel Hamilton and Joseph Quinlan at the Foreign Policy Institute, School of Advanced International Studies, Johns Hopkins University and the Transatlantic Leadership Network. 

The 21st edition of the report features new insights into the international support for Ukraine and sanctions against Russia, major shifts in the transatlantic energy economy, the reconfiguration of global supply chains with derisking strategies at play, relations with China as well as the green and digital transitions. 

The study also includes dedicated profiles for 30+ European countries and all US states.

The Transatlantic Economy 2022 presents the most up-to-date facts and figures about the economic relationship. The research was conducted independently by Daniel Hamilton and Joseph Quinlan at the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies and the Transatlantic Leadership Network.

The study includes dedicated profiles for 30+ European countries and all US states.

This year’s study features new insights into how the war in Ukraine affects the transatlantic relationship, the impact of the COVID-19 pandemic, prospects for the recovery, global supply chain issues, relations with China and the transatlantic energy economy.