France called a framework trade deal between the United States and European Union a “dark day” for Europe, saying the bloc had caved in to U.S. President Donald Trump with an unbalanced deal that slaps a headline 15 per cent tariff on EU goods while sparing U.S. imports from any immediate European retaliation.
The GDP of the USA and of the EU are almost the same at ~27 trillion USD corrected for purchasing power. In absolute numbers, the USA GDP is larger.
https://www.wolframalpha.com/input?i=usa+gdp+ppp+vs+eu+gdp+ppp
“Corrected for purchasing power.”
EU got eggs tho
Yes. Perhaps an example will help: I live in Switzerland and make twenty times as much as someone in Moldova, yet I can buy only four times as many things. Now, am I twenty times as wealthy or four?
This is from Google since I am working and can’t dedicate much time to this.
Purchasing Power Parity (PPP) theory, in its absolute form, assumes the absence of trade barriers and transportation costs. Therefore, it doesn’t inherently account for them. In reality, trade barriers such as tariffs and other restrictions can hinder the applicability of PPP by preventing the equalization of prices across countries. This is because PPP is based on the Law of One Price, which suggests that identical goods should sell for the same price in different markets when expressed in a common currency, given the absence of such frictions.