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Brexit on brink: Joe Biden to ‘favour US-EU deal’ in major UK blow

Mr Trump and Brussels declared a truce of sorts in July 2018, resuming talks that appeared similar to the TTIP.

In April 2019, though, the European Commission, headed by Jean-Claude Juncker, described the negotiations as “obsolete and no longer relevant”.

Mr Juncker has since been replaced by Ursula von der Leyen.

The US and the EU together represent 60 percent of global GDP, 33 percent of world trade in goods and 42 percent of world trade in services.

There are a number of trade conflicts between the two powers, but both depend on the other’s economic market and disputes only affect two percent of total trade.

A free trade area between the two would represent potentially the largest regional free-trade agreement in history, covering 46 percent of world GDP.

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