A new era of trade alliances: How and why the global economic map is changing
As Sander Tordoir, chief economist at the Centre for European Reform, notes, most of its participants — the EU, Japan, Canada — have positive trade balances. In other words, they need buyers, not sellers. And the US, which accounted for nearly half of the global trade deficit, is effectively leaving the market. “Europe will have to stimulate domestic demand, or it risks stagnation,” Tordoir warns.