European Union trade ministers meet on May 22 to start scoping out a potential new trade deal with the U.S. This is unlikely to be a complex trade deal like the currently “frozen” TTIP, but rather a goods-focused project given the Trump administration’s focus on the EU trade surplus with the U.S. The latter reached $157 billion in the 12 months to March 31. Trade between the EU and U.S. has been stagnant over the past three years with growth in exports in both directions growing by less than 2% annually. A recent surge in U.S. exports (14% higher in 1Q on a year earlier) may reflect conc...