The basic elements of the U.S.-EU trade relationship have not changed in recent years: The integration of the two economies has gone so far that most exchanges take place in a quasi-free trade zone environment. But the regulatory environment of the “Transatlantic market” in sectors like chemicals, cars, energy, food safety, and government procurement is very different.
The Transatlantic Trade and Investment Partnership (under President Obama) and the deal on further cooperation concluded between President Trump and President Juncker in July 2018, have shown how complex and politically difficult the elimination of remaining trade frictions can be. It seems that, in the near future, specific negotiations between and within sectors of activity have the greatest potential for further transatlantic cooperation, but this sectoral approach faces political challenges in the U.S. unless it covers agriculture, which is problematic for the EU.
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