On the program today, the bond market story you didn't know you needed.

Trust me on this one.

From American Public Media, this is Marketplace.

In Los Angeles, I'm Kyle Rdahl. It is Wednesday, today the 26th of February. It is always to have you along, everybody.

The European Union, should you be curious, has as a single economic entity, a single market, if you will, give or take, 450 million people in it.

Its collective gross domestic product is about $21 trillion, which makes it the world's

second biggest economy behind us.

I mention all of that because the transatlantic relationship just ain't what it used to be.

The second Trump administration is turning the United States firmly away from Europe, politically and inevitably economically.

And that, as Axios chief economic correspondent, Neil Irwin wrote the other day, is going to come with some costs.

Neil, it's good to have you back on the program.

Thanks for having me, Kai.

Give us the status quo, ante, if you will, of the EU, United States relationship as of like 20th of January, just to pick a date.

Well, it was pretty solid.

It was kind of the deepest, most intertwined economic relationship in the world in some ways.

Huge cross-border investments, trade flows, financial flows, flows of people, of ideas, of information.

And really, that has made both sides of the Atlantic wealthier over the years.

That is the status quo as of about a month ago.

As we turn now, the United States does, to developing a relationship with Russia, as the White House has said it wants to do.

Can the Russians replace the economic gains the United States has gotten from its relationship with the European Union?

No, I think it's worthwhile to think about just the scale here.

Russia is a comparatively small country in terms of its economy, even its population,

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