We are pleased to present the 21st edition of our annual review of the dense economic relationship binding European countries to America’s 50 states.

In seven chapters we present the most up-to-date survey of

this $8.7 trillion economy. Chapter One unveils some record-

breaking achievements in 2023, underscoring the robust nature

of the transatlantic economy in the face of ongoing geopolitical

surprises and economic shocks. It also updates Western support

for Ukraine and the impact of Western sanctions against Russia.

Chapter Two refreshes our basic framework for understanding

the deeply integrated transatlantic economy via “eight ties that

bind.” Chapter Three discusses how the United States, Europe and China are each

advancing a “protect, promote and partner” agenda when it comes to derisking

their mutually asymmetric dependencies. Chapter Four looks at three major shifts

that are transforming the transatlantic energy economy. Chapter Five explores the

transatlantic digital economy, which in many ways has become the backbone of

commercial connections across the Atlantic. Chapter Six offers an overview of

European commercial ties with the United States, and Chapter Seven an overview of

U.S. commercial relations with Europe. The appended charts provide the most up-to-

date information on European-sourced jobs, trade and investment with the 50 U.S.

states, and U.S.-sourced jobs, trade and investment with the 27 member states of

the European Union, as well as Norway, Switzerland, Türkiye, Ukraine and the United

Kingdom.

This annual survey complements our other writings in which we use both geographic

and sectoral lenses to examine the deep integration of the transatlantic economy, and

the role of the U.S. and Europe in the global economy, with particular focus on how

globalization affects American and European consumers, workers, companies, and

governments.

We would like to thank the many individuals who have helped us over many seasons.

We are grateful for the generous support of our annual survey from the American

Chamber of Commerce to the European Union (AmCham EU), the U.S. Chamber

of Commerce and their member companies, as well as the American Chambers of

Commerce in Denmark, Finland, Greece, Ireland, Luxembourg, Slovenia and Sweden.

We are thankful for the assistance of Marjorie Chorlins, Laura Escobar Diaz, Thibaut

L’Ortye, Wendy Lopes, Zach Helzer and Ivana Zuzul in producing this study.

The views expressed here are our own, and do not necessarily represent those of

any sponsor or institution. Other views and data sources have been cited, and are

appreciated.

Daniel S. Hamilton

Joseph P. Quinlan