A trade war against Europe? This probably would not be the smartest move to make. The U.S has profoundly more to lose against Europe than China. There have been subtle incidents between Europe and the U.S. Experts have said: "There have already been tariffs on European steel and aluminum — which led the bloc to impose duties of 25% on $2.8 billion of U.S. products in June 2018, and, there’s an ongoing dispute regarding Airbus and Boeing." In 2018 the U.S had imported $683.9 billion of European goods compared to importing $557.9 billion of China's goods. This may not be an enormous gap between the goods the U.S import from Europe and China, but the number of goods the U.S exports between China and Europe are immersive. The U.S exported $574.5 billion to Europe and only $179.2 billion to China. This would be a huge detriment to the U.S economy considering we exported more than three times more to Europe than to China. If this trade war ever happen this won't only determine the fate of both the U.S and Europe's economy, but possibly other countries too.
https://www.cnbc.com/2019/08/22/why-a-us-trade-war-with-europe-would-be-more-damaging-than-china.html
I think this is a good point especially considering that the U.S. is running a trade deficit and has been for a long time. Souring relationships between the EU and other European countries could be disastrous for the U.S. economy if said countries decide to cut back on imports of U.S. goods, or if they impose tariffs.
ReplyDelete