Abstract
After Joseph R. Biden became President of the United States, transatlantic relations have a good chance to improve considerably. This article asks how much this relationship will develop over the coming years, both in its security and its economic dimension. The transatlantic partnership has always been held together by the common interest of all sides in sticking to and in reforming a rules-based international order. Until 1990, this mainly meant the US security guarantee against Russia and the leading role of the US (together with other G7 nations) in maintaining a global trade and financial system. After the end of the Cold War, the degree of cohesion has become less, but with the re-emergence of a Russian military threat and the rise of China, transatlantic cooperation is more relevant than ever. However, there are two trends working against deeper cooperation: nationalism and the “Make America Great” ideology in the US, and the tendencies of European states - notably Germany - to avoid taking sides in great power competition and to pursue an independent and rather mercantilist policy.
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