accounted for nearly 70% of total employment. These affiliate employment figures understate the overall employment effects of the bilateral economic relation because they do not include jobs supported by cross-border trade between the EU and the U.S. The EU is not only a critical source of revenue for U.S. companies, it is also a key supplier of capital or liquidity for the U.S. economy, substantially contributing to finance its current account deficit. Although transatlantic trade disputes steal the headlines, trade itself accounts for less than 20% of transatlantic overall commerce, and U.S.-EU trade disputes account for less than 1% of transatlantic commerce.

Diplomatic Relations
The United States has maintained diplomatic relations with the European Union and its forerunners since 1953, when the first US Observers to the European Defence Community and the European Coal and Steel Community were nominated. In 1961, the US Mission to the European Communities - now the European Union - was established. The European Commission is represented in the United States by a Delegation in Washington, which was established in 1954 largely thanks to the work of the then President of the ECSC, Jean Monnet. A New York office, accredited as observer to the United Nations, was established in 1964. In 1971 the Washington office became a Delegation with full diplomatic privileges and immunities. The Delegation represents the European Commission in its dealings with the US government. It reports on US developments to headquarters in Brussels and acts as a liaison with other international institutions in Washington, DC.

Transatlantic Cooperation
The landmarks in EU-US relations in recent years are the Transatlantic Declaration, the New Transatlantic Agenda and the Transatlantic Economic Partnership. The Transatlantic Declaration was adopted by the US and the EU in 1990. It laid down the principles for greater EU-US cooperation and consultation. Cooperation in the fields of economy (liberalization, OECD, competition policy, etc.), education, science and culture and transnational challenges was established. A machinery of biannual summits and ministerial meetings, ad hoc Troika/Presidency meetings with the Secretary of State and briefings on European Political Cooperation (now CFSP) was set up in the Declaration.