Transatlantic Economic Relations at a Crossroads

Abstract

The article was written on the eve of the US presidential election in 2024 and is devoted to the economic aspects of modern transatlantic relations. Descriptive statistics is used to assess the role and place of the transatlantic economy in terms of gross product, export-import operations, trade of US and EU branches and investment activity. The article touches upon the interconnectedness of the economy. It tense noted that the parties remain the main source of prosperity for each other. On this basis, hypotheses has been put forward about the reasons for restarting the dialog and its instability. Taking into account the logic of well-known integration theories, the author deliberates about the predisposition of the USA and the EU to institutionalize relations with the creation of common norms. However, small advantages on the US side in the ratio of benefits from economic integration are a factor of instability and an opportunity for further competition within the transatlantic economy. Based on the analysis of official reports on the activities of the US-EU Trade and Technology Council and other documents, the author's vision of the purpose of the dialogue is formulated – to test political innovations that contribute to completing the transition of the transatlantic economy to the sixth wave of innovation and maintaining its leadership positions in the world.

Keywords

• transatlantic economy
• transatlantic relations
• integration
• economic regulation
• political innovation
• technological leadership
• eu
• usa
• trade and technology council