Exactly How Important Is Europe to the US? The Third Dot to Connect Today -- For Investors Only

Little things one might miss if one's sole source of news was "Comedy Central."

From Bret Stephens' op-ed in today's WSJ: "A Presidency of Excuses."

One might think "Europe" was our number 2 trading partner after Canada with all the hand-wringing on CNBC. Maybe third, after Mexico.

Nope.

"Europe is not our largest trading partner. Canada is. Followed by China. Followed by Mexico. Followed by Japan. 'Europe; only counts as America's largest trading partner in an aggregate sense. An honest apples-to-apples comparison would find that US trade with North America or East Asia dwarfs trade across the Atlantic. 

So, in the aggregate, "Europe" is huge for the US, but is dwarfed in an "honest apples-to-apples comparison.

Earlier I posted two dots that might merit connection. I think Bret Stephens' op-ed might be the third dot today. Things come in threes.