U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated May 1, 2006] [open pdf - 89KB]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. [...] Major U.S.-EU trade challenges can be grouped into five categories: (1) complying with WTO [World Trade Organization] rulings; (2) resolving longstanding trade disputes involving aerospace production subsidies and beef hormones; (3) dealing with different public concerns over new technologies and new industries; (4) fostering cooperative competition policies; and (5) strengthening the multilateral trading system."
CRS Issue Brief for Congress, IB10087
U.S. Dept. of State, Foreign Press Centers: http://fpc.state.gov/