I'd particularly like to hear from those in Europe for some diversity of viewpoints on this issue. I personally have never paid attention to Global Economics but I saw a news story on this trade issue and thought I would do a bit of digging. I found some statistics and I am well aware that those are very easy to manipulate in the manner of confirmation bias and cherry picking. So my effort was to find the rawest statistics I could find. And they follow below as a primer for this thread.
EU Population: 528 Million
US Population: 325 Million
Trade Numbers are gathered from the U.S. Census Bureau which Bloomberg website uses as well.
As I type this post, there is currently in 2018 a $65 Million trade deficit in favor of the EU.
In 2017 that deficit tallied up at $151.3 Million
Up until 2012, the trade between the two was roughly equal. Since 2012, it has been steadily moving to the favor of the EU. Since then the imbalance favoring the EU totals $905 Million.
I will say now that I understand there are differences between the economies of the EU. But looking at the population difference, with the US containing only 64% of the number or consumers that reside in the EU, these numbers look terribly lopsided.
If, for instance Ford Motor Company wishes to sell a Ford Taurus in the EU, they will face a 10% Tariff. But BMW sells it's cars in the US at a 2.5% Tariff rate. I suppose I could find more examples but I think this is enough for us to begin a rational discussion of this issue.
DISCLAIMER: It is well documented on other threads in this website that I am no fan of Trump. Let's get that out of the way from the start. :-)
Edited by Mklangelo, 17 July 2018 - 08:09 AM.