EU has signed up to lucrative trade deals with Canada and Mexico since Brexit and has many more similar ones with other Asian countries. International trade is complicated and it is very much something the EU specialises in.

You get a 10% tariff when you run a deficit with the US. EU gets a 20% tariff on a 40% surplus. You win!

Not really, if the whole world sinks into an economic depression then the percentages won’t matter much. What will matter is the starting position and whether the country’s economy has enough headroom to ride it out.

It doesn’t. Because of Brexit.