The United States and the bloc of countries making up the European Union (EU) are two of the most influential economies on the global stage. They rank first and second in gross domestic product (GDP) globally, and account for nearly half of the worldwide GDP. Aside from the valuable consumer markets and exports from each, they also share the most significant bilateral trade relationship in the world. In 2024, goods and services traded between the two partners totaled an estimated $1.5 trillion. This Basic will examine the history of this powerful trading alliance, the sensitive industries and supply chains connecting the U.S. and EU, and the framework for a new trade relationship in 2025.