Despite transatlantic political turbulence, the U.S. and Europe remain each other’s most important markets. The transatlantic economy generates $5.5 trillion in total commercial sales a year and employs up to 16 million workers in mutually “onshored” jobs on both sides of the Atlantic. It is the largest and wealthiest market in the world, accounting for onethird of world GDP in terms of purchasing power and half of total global personal consumption.
Ties are particular thick in foreign direct investment (FDI), portfolio investment, banking claims, trade and affiliate sales in goods and services, mutual R&D investment, patent cooperation, technology flows, and sales of knowledge-intensive services.