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USA-EU Relations: What is the Future of the TTIP?

By Javier Zenil Peña

This blog post was written for the course "Current Issues in Global and EU Affairs", which took place from February 12-April 30, 2018.

Stock photo of a fountain pen lying uncapped on a blank sheet of white paper, with a leather-covered desktop and a bottle of ink visible in the background.
The US presidential elections in 2016 had a pronounced impact in the transatlantic negotiations between the EU and the US.  As the new US president, Trump began new protectionism initiatives with the intention of prioritizing the interests of the American people. Consequently, trade negotiations such as the Transatlantic Trade Negotiations (TTIP) were halted as “US president-elect Trump campaigned furiously on a promise to scrap international trade deals, throwing the ambitious pact with the European Union into serious doubt.” (Euractiv 2016). With the uncertainty direction of the TTIP, one of the most ambitious transatlantic trade agreements, the Asian markets seemed to open their market to the EU.  Nevertheless, the EU and the US’ relations are not only important but these relations are essential for the international market and the economies of many nation-states.  The US and the EU economies are both the most prominent in the world.  By having conflicts and an immovable trade deal, the international market is impeded from growing, thus the negotiations of the TTIP should continue.  This issue is evidently perceived by some of the most prominent EU member states such as Germany.  Germany’s chancellor has openly expressed the interests of Germany in re-negotiating and continuing the negotiations to revive the TTIP. Last year Angela Merkel expressed in the Christian Democratic conference that she is: “in favour of resuming negotiations on such a free trade accord — and also resolving all the problems together,” (Euractiv 2017). The disposition of chancellor Markel indicates that Germany is much more conscious of the importance of the continuity and development of trade agreements between the US and the EU contrasting to the position of the US president Donald Trump who argues for a better deal.

The Future of the TTIP is uncertain in some degree at least for the next two years.  The current US administration might have a better position to decide the direction of this transatlantic trade. In the meantime, it seems that other nation states are ready to be on board for trade agreements with the EU, like Japan for instance.  This recent movement may indicate that the EU is also considering other options besides trade relations with the United States.  The American government must reconsider its position regarding international trade negotiations with the EU.   With the current trend of globalization, to maintain a healthy and stable economy the US must maintain and develop its international trade with one of the most powerful markets in the world which is the market of the European Union.

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References

German government backs restarting TTIP talks. (2017, June 28). Retrieved from https://www.euractiv.com/section/global-europe/news/merkel-backs-restarting-ttip-talks/

Malmström: EU-US trade deal 'frozen' after Trump vote. (2016, November 11). Retrieved from https://www.euractiv.com/section/trade-society/news/malmstrom-eu-us-trade-deal-frozen-after-trump-vote/
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