Economy

9.5 trillion dollars – this could be the price of a trade war between the US and Europe

Transatlantic economic ties could reach a new high of $9.5 trillion this year if they are not destroyed by a trade war between the United States and Europe. This is emphasized in a report by the American Chamber of Commerce in the EU (AmCham EU), according to Komersant ukrainskyi.

According to experts, the transatlantic economy is showing record numbers in many areas.

According to AmCham EU, in 2024, economic relations between the United States and Europe were characterized by the following indicators

– trade in goods between the US and Europe (including the UK) reached a record $1.3 trillion,

– trade in services between the US and Europe exceeded $750 billion.

– sales of European subsidiaries in the United States amounted to more than $3.5 trillion, and of American branches in Europe – $4 trillion

– the US share of LNG supplies to Europe reached 48%; and Europe’s share of US LNG exports to the world reached 55%.

“The results of the study demonstrate the importance of economic ties between Europe and the United States and the risk of deterioration in relations. For companies on both sides, the transatlantic economy is more than just a source of profit. It is a common geo-economic base that gives them an advantage in a fiercely competitive world,” emphasizes Malte Lohan, CEO of AmCham EU.

In his opinion, instead of engaging in a quarrel that only harms the two economies, leaders on both sides of the Atlantic should sit down to negotiate a positive deal for the transatlantic economy, as the numbers prove that it is in the interest of both sides.

So far, the forecasts do not promise anything positive for the economy

The Organization for Economic Cooperation and Development in its “fresh” report predicts that in 2025 the global economy will grow by 3.1% instead of the previously expected 3.3%. Komersant ukrainskyi has reported.

The growth of the world’s largest economy, the United States, will be 2.2 percent in 2025 instead of the previously expected 2.4 percent, and 1.6 percent in 2026 instead of 2.1 percent, the report says. A similar forecast for Canada has been lowered from 2.0 percent to 0.7 percent for the current and next year. In Mexico, GDP is expected to decline by 1.3 percent in 2025. The euro area’s economic growth forecast has been lowered from 1.3 percent to 1.0 percent in 2025 and from 1.5 percent to 1.2 percent in 2026.