I sorta get Kaletsky here:
The bad news is that the $400 billion worth of extra economic activity gained by US businesses and workers will be exactly matched by losses in Europe, Asia and the rest of the world.
And I sorta don\’t. He\’s saying that a switching from EU production to US consumption hurts the EU producers as much as it aids the US producers. OK. But what about the consumers? Isn\’t it a basic point of trade economics that the benefits to them have to be taken into account?