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Transatlantic Divergences in Globalisation and the China Factor

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Transatlantic Divergences in Globalisation and the China Factor

CEPS,

5 min read
5 take-aways
Audio & text

What's inside?

The US and the EU approach globalization differently – and get different results.

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Editorial Rating

8

Qualities

  • Controversial
  • Analytical
  • For Experts

Recommendation

The issue of globalization is contentious: Detractors howl about jobs lost as firms relocate operations overseas, while proponents point to reduced costs. As rising nationalism in the United States threatens to reverse globalization’s momentum, this astute and timely report from researchers Jeanne Metivier, Mattia Di Salvo and Jacques Pelkmans underscores the differences between the American and the European Union approaches to global trade. The authors write more for the economist than the general reader, but even nonprofessionals can, with some effort, grasp its critical points. getAbstract finds their paper to be especially relevant now, given the ongoing debate on globalization. 

Summary

While the United States increasingly looks inward, the European Union has expanded its efforts to forge trade alliances that promote economic inclusion. The EU maintained a global surplus in trade from 2012 to 2015, while the US trade deficit continued to grow during that span. EU imports fell over that period, while American imports increased. In 2015, the EU’s exports exceeded those of the US, both globally and to the Chinese market. Both the US and EU economies export fewer goods to China than they import, but the EU’s trade deficit with China is far lower than that of the US.

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About the Authors

Jeanne Metivier, Mattia Di Salvo and Jacques Pelkmans are researchers at CEPS.

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