Transatlantic economic ties now pivot as much on services as on goods, with digitally delivered sectors like intellectual property, business, and IT growing rapidly sometimes outpacing traditional goods trade, yet remaining undervalued in public debate and policy negotiations. The U.S. consistently runs a services trade surplus with the EU (€109 billion in 2023, according to Eurostat), driven by American strengths in finance, tech, and IP, while Europe’s goods trade surplus (€157 billion in 2023) reflects its industrial base. Despite some data discrepancies, the overall transatlantic trade relationship is remarkably balanced, with the difference between EU and U.S. exports standing at just 3% of total trade in 2023. The Kiel Institute Policy Brief No. 193 argues for reducing intra-EU services barriers, using services as a diplomatic tool in EU-U.S. talks, and, if necessary, deploying strategic measures like digital taxes or privacy rules emphasizing that services are now central to competitiveness, innovation, and the resilience of the transatlantic alliance. For the full analysis, see the Kiel Institute’s policy brief (PDF).
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