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China Displaces U.S. as the EU’s Largest Trade Partner
Historically, America has long been the EU’s top country to trade with, but in 2020, that trend came to a screeching halt. A $26.7 billion boost for Chinese imports, in addition to a $5.3 billion increase in EU exports, has resulted in China officially becoming the EU’s largest trade partner. This data looks at a decade of growing trade between the EU and China. table Playing Catch Up: Displacing the U.S. as a trade partner serves as yet another reminder that China is playing catch up to America’s economy. In 2020, there was an approximate $5.6 trillion gap in nominal GDP between the two nations. A decade ... (full story)