Basically the US imports a 100 billion € per year more than it exports in goods to the EU. And the EU mostly just imports oil and gas (and some pharmacyticals) from the US, which are relatively easy to substitute, while the reverse is mostly high-tech equipment hard to substitute.
However, despite this appearing like the US needs the EU more then the reverse, these tariffs can still bite as economically speaking the EU of course wants to export more than it imports as this is a wealth transfer from the US to the EU and tariffs make that harder.
This is a good overview.
Basically the US imports a 100 billion € per year more than it exports in goods to the EU. And the EU mostly just imports oil and gas (and some pharmacyticals) from the US, which are relatively easy to substitute, while the reverse is mostly high-tech equipment hard to substitute.
However, despite this appearing like the US needs the EU more then the reverse, these tariffs can still bite as economically speaking the EU of course wants to export more than it imports as this is a wealth transfer from the US to the EU and tariffs make that harder.
Well it’s a good thing he wants to place 100% tariffs on Taiwan then - more chips for the EU.
No it’s not because it doesn’t show the Services where we have a deficit. The deficit isn’t then that big
https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/united-states_en
Yeah I never said it won’t bite us in the ass as well. It just will bite the US a bit more if we decide to counter their tariffs.