The study deals with trade relations between the United States and the European Union. The importance of the subject matter arises from the fact that US and EU are two most economically important economies. These economies affect the survival of foreign trade, and thus global economic trends as a whole. The purpose of the research is to analyze economic and trade relations between the two most important world powers, the US and the EU, their influence on mutual strength and on world economic conditions. The research results show that globally important economies with a focus on the US were in the past strongly oriented to protecting domestic production, and the trend of liberalization began to develop after the Second World War. Today, the United States and the EU are in the multilateral context advocacies of free trade, while there are significant barriers to the economic freedoms at bilateral level. In order to address open issues and respond to the emerging economies of the world, the United States and the EU launched negotiations with the aim of signing the „Transatlantic Trade and Investment Agreement“ (T-TIP) in 2013.