The EU could lose 300,000 industrial jobs due to competition from China

Job cuts in the EU’s manufacturing sector will surge if Brussels does not stop the "colonization" of industry by Chinese component manufacturers, a leading industry business association warns. The Guardian reports, writes UNN.

Details

Eurometal forecasts the loss of 300,000 manufacturing jobs by the end of 2026 due to intensifying competition from China, which currently has a record trade surplus with the bloc of €1 billion per day.

As a result, the Eurometal association plans to hold a protest in Brussels near the headquarters of the European Commission, using 10 symbolic coffins bearing messages about competitiveness, industrial jobs, and European factories. 

European manufacturers are concerned that Brussels is failing to notice the destruction of industry caused by China’s integration into component supply chains. Eurometal President Alexander Julius notes that China seeks to control key value chains rather than simply be a raw-materials supplier.

The problem is compounded by the fact that European companies are burdened by high carbon-emissions taxes and tariffs on steel imports, while Chinese components are not subject to such charges, making fair competition impossible against the backdrop of an undervalued yuan. 

Despite the political rhetoric, businesses will continue buying cheaper products from China in the interests of shareholders. 

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