Europe is sailing into a perfect storm involving China, Brexit, and America.  This does not include Europe's immigration problem and the populist uprising in member-states. This year will be rough ride for Europe, but 2021 could be a true nightmare when all its problems coalesce.  Here's why: Phase I of the U.S.-China trade deal is a fait accompli.  The agreement basically calls for China to purchase $200 billion more in American goods and services over the next two years.  A big chunk of this ($32 billion) will be in agriculture exports to China.  The deal also starts to protect intellectual property and curtails currency manipulation.  And unlike other trade agreements with China, this one has enforcement mechanisms with teeth should China renege on this or that aspect of the deal.  In return, President Trump agreed to ease off on some tariffs in effect...(Read Full Post)