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The EU-US bilateral current account balance and its components

Note: Primary income includes returns to foreign direct investment and portfolio investment, as well as interest payments. Secondary income relates to transfers such as remittances by immigrants, development aid and payments to US soldiers in Europe among other things.


Source: Bureau of Economic Analysis, own illustration.

This figure from Gabriel Felbermayr's article Dealing with Donald Trump shows that the American bilateral deficit in goods trade of 153 USD billion is more than compensated by a surplus in services trade of 51 billion USD and in investment income of 106 billion USD.