Study: US more dependent on imports from the EU than from China

A study by the German economic institute IW shows that the United States is more dependent on imports from the European Union than from China – not only in terms of value, but also in terms of the number of products imported.

Over the past 15 years, the number of product groups for which more than half of imports come from the EU has risen significantly. Last year, there were over 3,100, compared to more than 2,600 in 2010. The total value of these products rose to $287 billion – almost 2.5 times higher than in 2010.

China covered 2,925 such product groups with a value of $247 billion last year.
The IW points to the decline in US dependence on China in recent years and warns that products from the EU with a high import share in the US would be difficult to replace in the short term.

In the event of an escalation of trade conflicts, the EU could use its position, for example by imposing export restrictions on goods that are crucial to the US economy.

The study suggests that higher US tariffs on European products could ultimately hurt the American economy more than Europe.

(reuters, est)