Almost no one predicted that the euro would emerge as decisively as it did, with 11 European states ready on time. Of course, many people still think of the U.S.-EU relationship primarily in terms of trade disputes. Although GATT and World Trade Organization panels have consistently ruled against the European Union, it has failed to open its markets for banana trade in accordance with its international commitments. But let's step back and put this into a larger context. The overall trade relationship is strong.
Trade flows with Europe are larger than our trade with Japan and Canada combined.
Problems do exist and have an immediate impact on the tone of our relations with the European Union. Over 7 million Americans owe their jobs to transatlantic commerce. Europe is the largest foreign investor in 41 of our 50 states. Indeed, one in twelve American factory workers have a job in a European-owned plant. And U.S. investment in Europe is comparable.