Higher CD Interest Rate on USD in European Banks

[Trek]

So, I was just wondering why I can get such a better interest rate on a CD (known as a Term Deposit here) in my local bank in USD than I can in my U.S. bank.

Example: $50K 12 month CD here in USD gets me 4.85% but my bank in the States is only 4.11%.

And it's not just my bank, but other European Banks as well pay higher rates on USD. So how does setting of interest rates by banks (domestic and international) on CD's actually work?