Europe's crisis is headed to America

With American consumers still in the doldrums of deleveraging, the United States badly needs buoyant exports if its economy is to grow at anything other than a miserably low rate. And despite all the hype about trade with the Chinese, U.S. exports to the European Union are nearly three times larger than to China. Until March, it seemed as if exports to Europe were on an upward trajectory. But the eurozone crisis has stopped that.

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