The transatlantic relationship was transformed in the last few years. The war in Ukraine, supply chain disruptions, energy transformations, uncertain relations with China and a host of other issues are testing the Atlantic partnership. Regardless of these challenges, the transatlantic alliance remains stronger than ever, and Europe and the US continue to be each other’s most important and integrated partners. In fact, throughout the past year the strength and resilience of the transatlantic relationship was reflected in record-breaking metrics:  

  • Trade in goods reached an all-time high of €1.1 trillion. 
  • US company affiliates in Europe earned an estimated €295 billion. 
  • US exports of liquefied natural gas to Europe hit their highest levels ever. 

Given the volatile geopolitical environment, these records should not be taken for granted. Rather, it is only by aligning on issues that the EU and the US continue to grow. Transatlantic energy trade, for example, took off following Russia’s invasion of Ukraine. US exporters shipped roughly 2.5 times more LNG supplies to Europe in 2022 than in 2021, a feat that could not have been achieved without the existing strong transatlantic ties.   

Strategic dependencies are also a concerning challenge for the EU and the US. However, the transatlantic partners continue to find the strength to surmount these difficulties through their unity and reliability. For instance, U.S.-EU goods trade hit a record €820 billion, more than EU-China goods trade and 25% higher than U.S.-China goods trade. 

If 2022 has made anything clear, it is that despite an unclear and shaky geopolitical environment, the EU-US relationship is the foundation that both parties can rely on. Even if faced with challenges in every direction, the transatlantic economy continues to grow stronger by the day. 

If you want to know more about the transatlantic economy, download the newest Transatlantic Economy Report.