The EU foreign trade in goods and services and the new protectionist policy of the US

Abstract

About 2/3 of the EU trade is the intra-EU trade, but the extra-EU trade provides additional demand for the European products and is a source of necessary supplies. It is especially important for some products and services. Despite a decreasing trend, the US continues to be an important trade partner for the EU. But prospects for transatlantic integration turned into rise of protectionism, which worries the EU politicians. In the paper we assess the fiscal and protectionist role of tariffs for the EU-US bilateral trade and the determinants of the US imports.