The Transatlantic Alliance is Fractured, not Broken
Despite the severe strains that are being placed on the transatlantic alliance by the Trump Administration, Europe and the United States are bound by highly integrated economic and security ties that are likely to persist. George Magnus reasons in his article for
Engelsberg Ideas that the EU can stand up for itself on trade. It is certainly a huge trading bloc, importing as much as the US, but exporting significantly more. Its exports of goods and services are about 16.5 per cent of the global total, placing the bloc slightly ahead of China in this respect. The US is the EU’s largest trade partner: about a fifth of EU exports go to the US, and about 14 per cent of its imports come from there. The US and Europe are also, by far, one another’s biggest destinations for Foreign Direct Investment (FDI), investing sums into their respective economies that are far bigger than either of their investments in China and the Asia-Pacific region.
https://engelsbergideas.com
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