U.S.-EU Trade and Investment Ties: Magnitude and Scope [Updated January 19, 2021] [open pdf - 534KB]
From the Document: "The United States and the current 27-member European Union (EU) have extensive trade and investment ties that have evolved and deepened with the growth of global supply chains, trade in services, and cross-border investment. They are a dominant economic force globally; in 2019, they jointly accounted for  26% of world merchandise exports and 30% of merchandise imports;  39% of world commercial services exports and 33% of commercial services imports; and  more than half of global outbound and inbound foreign direct investment (FDI). (Trade data from World Trade Organization, extra-EU trade; FDI data from U.N. Conference on Trade and Development.) Members of Congress have an interest in examining U.S.-EU trade and investment ties, given their magnitude, scope, and implications for U.S. trade policy. [...] In the 117th Congress, issues that may arise include  the impact of U.S.-EU trade and investment ties on the U.S. economy and U.S. prosperity overall, and for constituent interests, more specifically;  the evolution of these ties post-Brexit; and  the implications of a potential U.S.-EU trade liberalization agreement, or further escalation of tariff frictions, for U.S. commercial and economic interests."
CRS In Focus, IF10930
Congressional Research Service: https://crsreports.congress.gov/