Global Investor Jeffrey E. Garten
To be sure, Merkel is not calling for a typical trade agreement focused on tariffs, subsidies and other overt barriers to commerce. That’s because trade accounts for just 20 percent of the $3 trillion transatlantic economy. The rest consists of investment, resulting in a level of interpenetration of the European and American economies that is unprecedented. Europe accounts for two thirds of all investment flows into America in 2005, and almost half of all U....