Intsin - Decline in trade volumes between the U.S. and Europe.
Decline in trade volumes between the U.S. and Europe.
The U.S. presidential candidate Donald Trump stated that the European Union could be called “mini-China” while discussing U.S.-European trade relations, according to AFP.
“They don’t take our cars, they don’t take our agricultural products, they don’t take anything. You have a $312 billion deficit with the EU. You know, the EU is mini-China, not even that mini,” reporters quoted Trump.
In 2023, the trade deficit in goods between the U.S. and the European Union amounted to €157.9 billion ($170.54 billion), according to data from the EU’s statistical agency Eurostat.
On October 21, Politico reported, citing sources, that EU officials are preparing for a possible trade war with the U.S. if Trump wins the presidential election.
During his first term in 2018, Trump imposed tariffs on steel and aluminum from the EU and threatened to impose tariffs on cars exported from the European Union.
Before the 2024 U.S. presidential elections, Trump announced the possibility of imposing tariffs of 10 to 20% on goods, including products from “friendly countries.” Sources from Politico in Brussels report that the EU is considering various response options and is prepared for “tough” measures if this situation arises.
.png){kind=link}