The European Union (which includes the U.K., Sweden, Denmark, and some Eastern European countries along with the Eurozone) is a huge wale in the global economy, but in terms of American exports, it plays second fiddle to Canada:
This is a nice illustration of the fact that even the era of globalization, geography, and distance matter a lot. Americans have a level of entwinement with Canada and Mexico that’s way out of proportion to those countries’ weight in the world economy as a whole.
Previous in TP Yglesias
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