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Trade with Europe would have meant European technology/goods headed to America, in exchange for their own goods. So something grown in America would go to Europe and something grown in Europe would go to America. As for impacts, well, depends on what was sent. Sometimes diseases would be sent to America on accident and that would kill off an unprepared native population pretty quickly. Othertimes they'd send beneficial things, like a type of food, such as coffee, which would be used as a recreational drink or something similar.