Strengthening US–EU cooperation on trade and technology

The Trade and Technology Council (TTC) launched in 2021 has become the primary platform for US–EU cooperation at the intersection of economics, technology and security. The council is intended to deepen cooperation via bi-annual ministerial meetings and 10 working groups. Contentious issues have been excluded from the TTC’s scope. However, new transatlantic disagreements (such as that over the US’s Inflation Reduction Act) are emerging and risk overshadowing its work. Although the TTC’s focus is on deepening bilateral cooperation on future-oriented issues, its work also responds to the wider geopolitical context, particularly with regard to China and Russia. The greater flexibility of the TTC gives it a better chance of success compared to previous initiatives, such as the Transatlantic Trade and Investment Partnership (TTIP). However, such flexibility also comes with risks. The TTC is at an inflection point and needs to turn ambitions into tangible outcomes. The extensive US–EU network of officials and stakeholders formed through the TTC may already be its most significant achievement – especially at a time of uncertainty in the transatlantic relationship in light of the 2024 electoral cycle. To successfully tackle the most pressing global problems in trade and tech, the US and EU will have to work with like-minded partners, either directly or via adjacent forums such as the G7.