In October 2018, President Trump announced his intention to open trade negotiations with three new markets, one of which is the EU. President Trump`s goal is to open new markets for American farmers and businesses, where they currently face considerable obstacles. The texts of the TTIP agreement are drawn up by 24 joint working groups between the EU and the US, each taking into account a separate aspect of the agreement. Development usually takes a number of phases. First, large-scale position papers will be exchanged, introducing each party`s objectives and ambitions for each aspect. This is followed by proposals for texts from both parties, accompanied (in areas such as tariffs and market access) by the “initial offer” of each party. These negotiations and draft documents can evolve during the different phases of their development. If both parties are ready, a consolidated text will be prepared, with the remaining differences of discussion expressed between brackets. These texts are then closed thematically when a working consensus is reached. However, the agreement will be negotiated as a whole, so that no text of the subject will be finalized until a full consensus has been reached. [62] TTIP is seeking a formal agreement that would “liberalize one-third of world trade” and, according to supporters, create millions of new paid jobs.

[8] “Given that tariffs between the United States and the European Union are already low, the London-based Centre for Economic Policy Research estimates that 80% of the potential economic benefits of the TTIP agreement depend on reducing the double conflicts between EU and US rules on these and other regulatory issues, ranging from food safety to cars.” [8] A successful strategy (according to Thomas Bollyky of the Council on Foreign Relations and Anu Bradford of Columbia Law School) will focus on areas of activity where transatlantic trade laws and local regulations can often overlap, among other things. B pharmaceutical, agricultural and financial exchanges. [8] This ensures that the United States and Europe remain “standard producers and not standard takers” in the global economy, and will then ensure that producers around the world continue to tend to adopt common standards between the United States and the EU. [8] In 2018, bilateral trade between the European Union and the United States amounted to nearly $1.3 trillion, with merchandise trade worth $807 billion. The United States exported $319 billion worth of goods to EU member states. California`s exports to the EU totaled $31.75 billion in 2018. California is a leading exporter to the EU, with computers, electronics, transportation and chemicals as the main export sectors of the state to the region. EU countries buy about 18% of all California exports. For Californian companies, the domestic market offers a stable market with great opportunities. The Transatlantic Economic Partnership is an important driver of global economic growth, trade and prosperity and is the largest, most integrated and longest regional economic relationship in the world.

The many reasons for supporting this relationship come from an economic point of view, from a geopolitical point of view, from a business utility perspective, from regulatory cooperation and from prospects for technological innovation. In early 2013, Canadian media observers speculated that the start of TTIP talks was putting pressure on Canada to ratify its own three-year free trade negotiations with the EU by the end of 2013. [138] Countries with customs agreements with the EU, such as Turkey, may face the prospect of opening their markets to American products without access to their own goods without a separate agreement with the United States. [139] Negotiations were halted by President Donald Trump[2] who then triggered a trade dispute with the EU. Trump and the EU declared a ceasefire in July 2018 and resumed