The European Union, the United States, and Trade: Metaphorical Climate Change, Not Bad Weather

Mark Schwartz
US and EU trade relations exhibit a set of chronic and secularly unsustainable imbalances, in which new Schumpeterian leading sectors and catch‐up growth create growing tension in the asymmetrical and somewhat hierarchical US–EU rela‐ tionship. These imbalances exhibit two distinct cycles interrupted by a clear structural break in the 1970s and an emerging cycle after the 2008–2010 crises. Each cycle has seen rising US current account or trade deficits with Europe provoke some financial or...
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