Hello and welcome to the Centre for European Reform podcast on Packing Europe. I'm Octavia

Hughes, host of today's episode, in which we'll be discussing

transatlantic economic relations and what's at stake for Europe in the upcoming presidential

election in the US. We're just under five weeks out from the climax of what's been an election

packed year, and it looks like the result will be decided in a handful of key swing states,

but its effects will of course be felt around the world, especially in this period of economic and geopolitical upheaval.

The CR Research Fellow Aslak Berg and Assistant Director Zach Mayors have just published a policy brief on transatlantic economic relations, and they join me along with Alan Beattie, senior trade writer at The Financial Times.

Welcome to the podcast.

Yeah, good to be here.

So Europeans are obviously paying close attention to the American election,

but what's really at stake for Europe?

What have Harrison Trump said they'll do on trade?

And what are the key differences in their proposals?

Thanks, Octavia. So the EU-US trading relationship is the world's largest with more than one trillion

euros of goods and services traded across the borders each year. And one of the things that we

explore in our policy brief is the fact that the US is becoming more and more important to the EU

and its economic model. So one of the patterns that the US is becoming more and more important to the EU and its economic

model. So one of the patterns that we identify is that over time, as less and less European goods

are being exported to China, that the US market is kind of filling the gap. And this kind of reflects

the US position as the consumer of last resort across the world. And so this pattern is

becoming more and more self-reliant, thanks to technological advancement. It's repressing domestic

demand and there's lots of local content requirements in its subsidies programs. This means that

...