Torque is rotational force, horsepower is how fast torque is delivered.
When you rate an engine you mainly want to know the horsepower output, because any torque can be acheived using gear reduction. Torque is meaningless because an engine that produces 100 ft-lb of torque at 2000 RPM can have twice the gear reduction as an engine with 100 ft-lb of torque at 1000 RPM, and end up having double the torque at the wheels.
BUT, people like to run their engine at a low speed for less wear and more efficiency, rather than constantly pumping out maximum potential horsepower. So engines that develop good torque at low speeds are preferred.