From the New York Times (link)
A few years ago, as the United States discovered that its trade deficit with China was growing rapidly, there was more than a little smugness in Europe. Its deficit with China was very small, a sign that its residents were not like the profligate Americans who insisted on spending money they did not have on Chinese imports.
But this week the trade numbers for the euro zone ” the 12 countries that use the euro as currency ” came out. The February deficit with China was 6.9 billion euros, bringing the total over the last 12 months to a record 78 billion euros ($97 billion).
To be sure, that is well below the $204 billion trade deficit the United States chalked up with China over the same period, and as a percentage of gross domestic product is about half as large.
