Very simple. The high indebtedness of the U.S. federal government has the potential to raise interest rates in financial markets. And that is what has been happening in recent months. Federal Reserve (FED) has been raising the federal funds rate.
This increase affects not only the American consumer, now have to pay more when borrowing (pay card, buy a house, etc.).. Also affect the debt of developing countries have to pay more of their own pockets to pay their financial commitments.
Another consequence is the depreciation of the dollar. And Europe is a region of the world most affected by this weakening. A stronger euro (or in other words, a weaker dollar) back European exports less competitive, ie, products and services become more expensive in Europe compared to the Americans. The same is true in Asian countries.
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