Maybe I’m nitpicking, but it is the U.S. that is heading back to the 1930s, and this is also what the article says if I got that right. So the headline is a bit misleading imho.
But it’s not good for the EU and Germany, of course, although the impact varies greatly across member countries. Ireland is the country with by far the largest share of its exports going to the U.S., with a rate of >25%.The large economies like Italy and Germany show values of around 10%, exceeding those of France and Spain which are 7% and 5%, respectively.
The US market is less relevant for the countries in Eastern Europe, where value chains are more integrated within the single market.
If we look at importance of the U.S. market in terms of each EU country’s GDP, Ireland is highly dependent on the US if we consider its exports of goods and services together, as the US market represents around 20% of the country’s GDP.
Other countries that are above the EU average include Cyprus, Luxembourg and Malta, as they provide services to the U.S. market that make up a large part of their national economies. And the same is true for Belgium, the Netherlands and Slovakia in exports of goods.
Among the larger EU countries, Germany has the greatest exposure to the U.S., at at 5% of GDP, followed by Italy, at 4%, France (3%), and Spain (2%).
So it’s not good, of course, but given the EU retaliates accordingly and restructures its economy, it could also mean a more integrated, independent EU market in the long term.
Cyprus, Luxemburg and Malts, as they provide services to the US market
That’s a nice way to say “tax havens”. Also, many US Big Tech companies have headquarters in Ireland and would pay taxes there … if only these dirt poor companies would have any revenue…
Maybe I’m nitpicking, but it is the U.S. that is heading back to the 1930s, and this is also what the article says if I got that right. So the headline is a bit misleading imho.
But it’s not good for the EU and Germany, of course, although the impact varies greatly across member countries. Ireland is the country with by far the largest share of its exports going to the U.S., with a rate of >25%.The large economies like Italy and Germany show values of around 10%, exceeding those of France and Spain which are 7% and 5%, respectively.
The US market is less relevant for the countries in Eastern Europe, where value chains are more integrated within the single market.
If we look at importance of the U.S. market in terms of each EU country’s GDP, Ireland is highly dependent on the US if we consider its exports of goods and services together, as the US market represents around 20% of the country’s GDP.
Other countries that are above the EU average include Cyprus, Luxembourg and Malta, as they provide services to the U.S. market that make up a large part of their national economies. And the same is true for Belgium, the Netherlands and Slovakia in exports of goods.
Among the larger EU countries, Germany has the greatest exposure to the U.S., at at 5% of GDP, followed by Italy, at 4%, France (3%), and Spain (2%).
So it’s not good, of course, but given the EU retaliates accordingly and restructures its economy, it could also mean a more integrated, independent EU market in the long term.
It will hurt the U.S. much more than Europe imho.
[Edit typo.]
That’s a nice way to say “tax havens”. Also, many US Big Tech companies have headquarters in Ireland and would pay taxes there … if only these dirt poor companies would have any revenue…
Given what Germany was up to in the 1930s I think “misleading” is putting it mildly 😅
Here in Romania, much of what was left of our steel production was going to the US. This will hit us very hard.
Just think one step further.
One little step.
US goes back to fascism. A little later Germany goes back to fascism.
Germany has a strong tradition in following the US with every shitty fashion …