The European Union makes it unattainable for our farmers and staff and firms to do enterprise in Europe (U.S. has a $151 Billion commerce deficit), after which they need us to fortunately defend them by means of NATO, and properly pay for it. Simply doesn’t work!
— Donald J. Trump (@realDonaldTrump) July 10, 2018
Mr. Trump’s suggestion that it’s “impossible” for American farmers to promote their merchandise to the European Union is fallacious.
In reality, the 28 international locations of the European Union are america’ fifth-largest export marketplace for agricultural items, like tree nuts and soybeans, totaling $11.5 billion in 2017, based on the Department of Agriculture.
However america did import about $10 billion extra in agricultural merchandise, like wine, beer and chocolate, from the European Union than it exported there. (General, america has had an agricultural commerce surplus with the remainder of the world since 1960.)
The European Union does impose the next common tariff on agricultural merchandise (11 to 12 %) than america (about 5 %), however a few third of farm items enter each the European Union and america tariff-free, based on the World Commerce Group.
“Two-way U.S.-E.U. trade has been roughly balanced over time and the very high levels of foreign investment accounted for by each in the other’s markets means that the trans-Atlantic economy is arguably the most integrated on earth,” the web site of the Workplace of america Commerce Consultant reads.
Mr. Trump additionally, once more, exaggerated the general commerce deficit with the European Union by $50 billion; it’s $101 billion. His assertion about america “nicely” paying for the protection of European international locations by means of the North Atlantic Treaty Group can also be deceptive.
Sources: Department of Agriculture, Workplace of america Commerce Consultant, World Commerce Group, The New York Times