US-Portuguese Relations - Bilateral diplomatic relations between the United States and Portugal .
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History
US-Portuguese relations were established after the end of the US War of Independence ; Portugal was one of the first countries in the world to recognize the United States of America. The oldest continuously operating US diplomatic agency in Portugal is the Consulate in Ponta Grace on the San Miguel Island of the Azores . A strong Portuguese community in the states of Massachusetts , Rhode Island , New Jersey , California and Hawaii contributes to the strong ties between the United States and Portugal. Relations with the United States are for Portugal one of the three main areas of the country's foreign policy, along with the European Union and the Portuguese-speaking world . The United States and Portugal collaborate in the United Nations , in various regional organizations, as well as bilaterally for peace, prosperity, and security. In 1949, Portugal joined NATO , took part in almost all military campaigns of this alliance.
Trade
The United States is Portugal's second largest trading partner outside the European Union. In 2014, bilateral trade reached $ 4.3 billion, an increase of 63% over five years. In 2014, the United States exported $ 1.1 billion worth of products to Portugal, namely soybeans, civilian aircraft and their components, and corn. The United States imported $ 3.2 billion worth of goods from Portugal, namely oil, pharmaceuticals, and manufactured goods. In 2014, US direct investment in Portugal reached $ 2.1 billion in insurance, pharmaceutical and chemical industries. In August 2016, Portugal and the United States signed the Income and Expenditure Agreement to prevent double taxation, and also signed the Agreement on the implementation of the law on compliance with tax laws of foreign accounts.