I’ll have to mildly disagree (a first) with the thesis that European problems will drag America into recession. Firstly, as you state, Europe is making less and less non-Europeans want to trade for. While GDP declines, more of the economy is government based - hardly productive industry. What do Americans (the largest economy) want from Europe that it can’t by from China? Great non-GMO non-pesticide flour?

On top of the trade issues, the Euro is more debt laden than the dollar. While no pristine currency, capital will travel to the States, further draining the meager investments available for development.

What made Europe distinctive was excellent manufacturing quality (German automotive), fashion from Italy…abandoned by choice over a generation. The carcass that is Europe is now being eaten away by migrants.