By Patricia Cohen, Adam Satariano, Eshe Nelson and Jeanna Smialek NYT News Service/Syndicate Stories
President Donald Trump says he is outraged by the fact that the United States imports more goods than it sends to the rest of the world. What he rarely mentions, though, is that when it comes to services, the tables are turned.
Service sectors — which include the finance, travel, engineering and medical industries and more — make up the bulk of the U.S. economy. Exports of these services brought more than $1 trillion into the United States last year.
But that dominance also gives other countries some clout in negotiations — including the ability to impose some pain on the U.S. economy as they look to retaliate against Trump’s tariffs on goods.
The European Union, for instance, could use tools designed to restrict services coming into the bloc as a cudgel.
Read more at: https://www.miamiherald.com/news/business/article303374486.html#storylink=cpy
