Additionally Vietnamese exports to the United States account for a whopping 26

Additionally vietnamese exports to the united states

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Additionally, Vietnamese exports to the United States account for a whopping 26 percent of their 2019 gross domestic product (GDP), and Vietnam’s economy is poised for 7 percent growth this year. Vietnam’s success has not gone unnoticed ; Trump recently decried Vietnam as “the single worst abuser” when it comes to trade practices, and US Trade Representative Robert Lighthizer has said that Vietnam must take steps to reduce the $40 billion trade surplus they are running with the United States. Loser: the European Union Despite Vietnam’s success, other third-party economies are feeling the pain of the trade war, most notably, the European Union. There are long-term consequences for the EU economy if current trends hold, and they are not going unnoticed. A recent announcement from ECB chief Mario Draghi signaled that fresh stimulus is coming soon , mirroring the rate cut of the US Federal Reserve. The EU economy relies heavily on trade for economic growth, and the recent slowdown in trade vis-à-vis the US-China conflict has raised concerns in Europe about future growth. Exports from the EU are worth 40 percent of its GDP, and that number has increased in recent years (US exports are worth about 12 percent of US GDP). Draghi and the EU are growing concerned that their largest trading partners will become increasingly averse to trade, and they fear that the negative effects will be felt around Europe.
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Within the EU, the country with perhaps the most to worry about is Germany. The EU’s largest economy and largest exporter has a lot to lose if global demand falls. Germany produces nearly the same value
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