Sunday, November 10, 2024

Europe

Europe is concerned that Trump will upset the balance of trade with the US and they should be upset. U.S. goods and services trade with the European Union totaled an estimated $1.3 trillion in 2022. Exports were $592.0 billion; imports were $723.3 billion. The U.S. goods and services trade deficit with the European Union was $131.3 billion in 2022. This has been going on for 40 years. One example. There are very few America cars in Germany where US imports are heavily taxed. The same can be said for other countries and other products. Add to that the fact that the US has been the military defense for Europe allowing them to use defense money for their national health insurance and their retirement plans. They don't want Trump upending the good deal they have but that may change with the onset of the Ukraine war. The cut off of cheap energy (gas and oil) from Russia has caused severe hardship throughout Europe with Germany in the middle of a two year recession. If Trump ends the war and opens up Russian energy to Europe they will be happy as will the people of Africa who are going hungry because of the war.

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