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Europe tries to take on China without launching a new trade war
EU leaders are considering faster trade defenses and supply-chain diversification as the bloc faces a €360 billion deficit with China, officials said.
- European Union leaders met in Brussels on Thursday to discuss trade relations with China, exploring new tools to address a daily trade deficit exceeding €1 billion fueled by state-subsidized products.
- Belgian Prime Minister Bart De Wever warned in June that European firms compete against Chinese rivals backed by state support on a scale no market economy can match or replicate.
- Earlier this week, BMW slashed its profitability forecast citing weak demand in China, while German supply-chain managers report moving less than 10 per cent of purchasing volumes out of the country over three years.
- Chancellor Friedrich Merz told lawmakers last week that "we are protecting our interests and our economy against distortions of competition caused by the trade practices of other states," signaling a harder EU stance.
- The Group of Seven nations pledged this week to diversify away from China, leveraging the EU's market of 450 million inhabitants as valuable leverage while China's rare-earth control risks US$4.4 trillion in global GDP.
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Europe sees Chinese subsidies, and China sees European weakness.
Meeting at summit this Thursday evening in Brussels, the Heads of State and Government of the Union will try to agree on the findings and strategy to be adopted. ...
·Brussels, Belgium
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European Union debates tougher trade measures against China as deficit hits record levels
The EU's push for tougher trade measures against China could reshape global supply chains, impacting sectors and investor strategies worldwide. The post European Union debates tougher trade measures against China as deficit hits record levels appeared first on Crypto Briefing.
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Coverage Details
Total News Sources15
Leaning Left3Leaning Right3Center3Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
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