The European Union on Tuesday cut its economic growth forecasts    for the region, saying rising geopolitical risks in Ukraine and    the Middle East and a broader global slowdown have eroded    business and consumer confidence since the spring.  
    The downgraded outlook is bad news for the U.S. economy because    Europe is a major market for American exports.  
    Europe's troubles come amid weaker economic growth elsewhere in    the world, which helped drive up the U.S. trade deficit in    September.  
    The Commerce Department reported Tuesday that U.S. exports    dropped by about $3 billion, or 1.5%, to $195.6 billion, from    August.  
    The decrease caused the nation's trade deficit to rise by 7.6%    to $43 billion, the largest gap since May.  
    The economy in the 18-nation Eurozone, the area that uses the    euro currency, is forecast to expand just 0.8% this year and    1.1% next year, according to the latest estimate from the    European Commission, the region's executive body.  
    Those figures are down from a spring forecast of 1.2% growth    this year and 1.7% next year.  
    The outlook is better for the broader 28-nation European Union,    which includes the United Kingdom, but still was downgraded    from the spring.  
    The EU economy is expected to expand 1.3% this year and 1.5%    next year. The spring forecast called for 1.6% growth this year    and 2% next year.  
    The economic and employment situation is not improving fast    enough, said Jyrki Katainen, the commission's vice president    for jobs, growth, investment and competitiveness.  
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European Union cuts economic growth forecast amid global tensions