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The U.S. is making a fundamental error in its depiction of the relative strength of the two countries’ trade imbalance.

Ross Perot’s and Pat Buchanan’s presidential bids in the 1990s centered on the foreign trade imbalance, but what they offered was more xenophobia than a rational plan to fix the trade deficit.

Trump, meanwhile, has said the move will address unfair trade imbalances, boost US industry and raise revenue.

Only eight other countries or territories dubbed the "worst offenders" for trade imbalances were given higher rates on Trump's list of tariffs, which are due to come into effect on Wednesday.

To redress the goods imbalance, the EU could offer to buy more LNG from the US, or more military equipment, following its pledge to Washington to do more for its own security.