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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 E.U. 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 E.U.’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.
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See Also:
(1) France Welcomes the Saudis, Condemns Critics of Islam
(2) What the U.K. Supreme Court Has Just Done
(3) Boris Johnson signals Supreme Court reform after ‘political implications’ of latest ruling
(4) The U.K. Supreme Court has rebuked Boris Johnson on Brexit. What might that mean for Canada?
(5) Brexiteer urges Johnson to spark ‘absolute farce in Commons and go for the nuclear option’
