ABSTRACT

U.S.-EU Trade Relations [May 6, 2022]   [open pdf - 1MB]

From the Introduction: "The United States and the 27-member European Union (EU) share a highly integrated trade and economic relationship. In 2021, the United States and the EU remained each other's largest overall trade and investment partner, despite recent major economic and other developments that have affected such ties, including the economic challenges and shifts in global activity arising from the ongoing Coronavirus Disease 2019 (COVID-19) pandemic; 'Brexit,' the departure from the EU of the United Kingdom (UK); and the rise of China as a major bilateral trading partner for both. Their ties are of global consequence, as the United States and the EU bloc are the world's two largest economies, comprising 43% of global gross domestic product (GDP) in 2020. Given the scope and magnitude of U.S.-EU trade and investment ties, efforts to strengthen and expand them by addressing remaining and new barriers to trade and investment historically have been a key part of U.S. trade policy. [...] President Joe Biden has 'underscored his support for the [EU] and his commitment to repair and revitalize the U.S.-EU partnership.' Developments during the Biden Administration include new means of cooperation, progress toward resolving certain bilateral trade irritants, and cooperation to address pressing global trade challenges. Nevertheless, diverging views and frictions remain. The 117th Congress may examine U.S. trade policy with respect to the EU in terms of resolving current trade frictions, deepening bilateral trade engagement and pursuing further trade liberalization, cooperating on global trade issues, and setting international rules and standards."

Report Number:
CRS Report for Congress, R47095
Author:
Publisher:
Date:
2022-05-06
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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