Remember that old saying "when America sneezes, the rest of the world catches a cold"?
In November, the US blew a great big green one in our direction. The latest external trade data for the US shows that their balance of goods and services narrowed massively in November, shaving roughly $20 billion off their external deficit. Since they were running deficits of around $60 billion a month for the last four years, that is one huge monthly correction.
Did UK exporters feel it? Absolutely. In November, UK exports to the US were down 21 percent compared to the same month last year.
The US is no longer the engine of the world economy. The rest of us better get used to it.