Is there a significant potential for an increase in trade between the United States and the European Union?

T he Juncker-Trump agreement of 26 July 2018 seems to be able to pave the way for an increase in trade between the United States and the European Union if there are no tariffs, if non-tariff barriers and subsidies are reduced, and if the markets for industrial products (chemicals, pharmaceuticals), agricultural (soybeans) and energy are more open. But what is the potential increase in trade between the United States and the European Union? Trade can be reduced by obstacles that are not of a tariff or a regulatory nature: level of sophistication of production, on-demand adaptation, cost level. We therefore look at the size of the trade between the two regions/countries compared with the overall level of their trade and their trade with other regions. We see that: US exports to the EU 28 have a potential for increase of 60%; EU-28 exports to the United States have a potential of increase of 55%.