component on this chart
is the deterioration of the bilateral balance with China, the contributions from NAFTA,
3
the EU and … its country composition.
Fig 2 US Trade by Country; Sources of deterioration since 1997
EU
16%
NAFTA
21%
Japan
5 … deficit might turn up in
the US (and the UK) as these are perhaps the economies where it is easiest to allocate
assets …