"The United States and the European Union (EU) economic relationship is the largest in the world--and it is growing. The modern U.S.-European economic relationship has evolved since World War II, broadening as the 6-member European Community expanded into the present 28- member European Union. The ties have also become more complex and interdependent, covering a growing number and type of trade and financial activities. The United States and the EU have embarked on negotiations to establish a free trade agreement--the Transatlantic Trade and Investment Partnership (TTIP). In 2012 (latest data available), $1,500.5 billion flowed between the United States and the EU on the current account, the most comprehensive measure of U.S. trade flows. The EU as a unit is the largest 'merchandise' trading partner of the United States. In 2012, the EU accounted for $265.1 billion of total U.S. exports (or 17.1%) and for $380.8 billion of total U.S. imports (or 16.7%) for a U.S. trade deficit of $115.7 billion. The EU is also the largest U.S. trade partner when trade in services is added to trade in merchandise, accounting for $193.8 billion (or 30.7% of the total in U.S. services exports) and $149.7 billion (or 35.4% of total U.S. services imports) in 2012. In addition, in 2012, a net $150.0 billion 'flowed' from U.S. residents to EU countries into direct investments, while a net $105.9 billion 'flowed' from EU residents to direct investments in the United States. Policy disputes arise between the United States and the EU, generating tensions which sometimes lead to bilateral trade disputes. Yet, in spite of these disputes, the U.S.-EU economic relationship remains dynamic."
CRS Report for Congress, RL30608
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html