Either... both.
Trade flows scale proportionally with economy size and inversely with distance. As Europe shrinks economically, their trade partners will also shrink, but to a lesser degree.
Over time, economies closer to Asia will grow more and those closer to Europe will shrink.
This makes a lot of sense, if the outlook continues like this, I can see Europe progressively weakening until there is a breaking point, I think we are in for quite a bit of pain.
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They might just be at a trade disadvantage, by virtue of being further away from Asia, and that might put downward pressure on their economies.
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