Coal is used especially in power generation, meaning it is in competition w...
2021-03-30 2 ENGLISH REPORTS
Combined, U.S. and European consumers accounted for half of world consumption in 2019, a fact that underscores the attractiveness of the transatlantic economy and reinforces a point we have made many times: despite all the talk around the rise of China, the United States and the EU still command the largest share of global consumption (50% combined in 2019 including the UK versus only 15% of China and India combined). At the end of the day, consumers in the United States and Europe are far wealthier (on a per capita basis) than their counterparts in China and India. As the pandemic passes, as vaccinations reach massive scale on both sides of the Atlantic, consumer spending will come back with a vengeance.
More spending means more transatlantic trade in 2021, following a dramatic drop in trade in 2020. U.S. goods exports to the EU in 2020 (including the UK) plunged by over 13%, while imports from the EU fell 10%. The upshot: a still sizable U.S. merchandise trade deficit with the EU (roughly $175 billion in 2020, including the UK). However, overall U.S.-European commercial interactions are far more balanced if one includes services and digital economy considerations, as we explain in Chapters Two and Four. In addition, as transatlantic economic activity revives this year, bilateral trade flows will rebound as well, although America’s outsized trade deficit with the EU will remain an irritant to Washington.
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