https://www.americanthinker.com/blog/2019/09/europes_coming_trade_storm.html
“With America insisting on actual fair trade and tightening access to her markets, China and Europe will be like two scorpions in a bottle. ”
The European Union has consistently enjoyed hefty trade surpluses with the United States. According to the United States Census Bureau for, the past four years, those surpluses were $168, $151, $147, and $156 billion respectively. For the first six months of 2019, the EU ran a near $100 billion surplus. And this is before the European Central Bank’s devaluation of the euro via negative interest rates and more quantitative easing.
In a world where the U.S. economic establishment proclaims ‘free trade’ as the cause of American prosperity, this is an anomaly. If anything, under ‘free trade,’ it is the U.S. that should run multi-billion-dollar surpluses with Europe. That’s because America is the source of innovations and the development of cutting-edge technologies, not Europe. Add to that the fact that European industries are grossly inefficient by U.S. standards due to the EU’s extensive welfare-state laws, which are essentially pseudo-socialistic.
This anomaly exists only because past U.S. leadership has allowed it. Far too often, our ruling class has shown a greater affinity for the European elite than for their fellow citizens. They found it easier to sell out the American middle class than to inconvenience their friends in Europe.
Fortunately Donald Trump is a different breed of cat. And although the president’s main focus right now is on China, he will get around to the trade inequity with Europe in due time. When this happens, it will be a tremendous blow to the Europeans. It will especially hurt Germany, Europe’s industrial powerhouse. This is because almost 50% of the German GDP is due to exports. A drop here and the affect ripples through the Germany and on to the rest of the Continent.