7 This will do nothing to reduce global imbalances. Furthermore, given the diversity of economic relationships and level of interconnectedness with third countries, looking at the goods traded between two countries alone is insufficient.
Trade expert Gabriel Felbermayr pointed out that, overall, the United States actually has a current account surplus with the EU: income from services and primary income more than compensate for its trade in goods deficit.8 Felbermayr also wrote, "The EU is in no way a paradise for advocates of free trade, especially when compared to the United States.