The EU is ready to defend its economy if China denies it sufficient access to its markets
Kyiv • UNN
The European Union is ready to use all trade tools to protect its economy if China fails to offer fair access to its markets, European Commission President Ursula von der Leyen warned after talks with Chinese President Xi Jinping.
The European Union is ready to use all trade instruments to protect itself from China's aggressive trade practices. This was stated by European Commission President Ursula von der Leyen after talks with Xi Jinping in Paris, UNN reports with reference to Bloomberg and Euronews.
Details
The European Union is preparing for a possible trade confrontation with Beijing.
As European Commission President Ursula von der Leyen warned in Paris after a meeting with Chinese President and French leader Emmanuel Macron, the European Union will "show its muscle" and deploy all available tools to protect its economy if China fails to offer fair access to its markets.
For trade to be fair, access to each other's markets must also be reciprocal
Von der Leyen also called on the Chinese government to address the problem of "structural overcapacity" as China "continues to massively support its manufacturing sector" while domestic demand is not growing.
A China that plays fair is good for all of us. At the same time, Europe will not back down from making the tough decisions necessary to protect its economy and security
The EU is taking an increasingly tough stance on Chinese trade and has launched a series of investigations that could soon lead to punitive tariffs on Chinese imports.
Last September, the Commission announced an anti-subsidy investigation into low-cost electric vehicles from China. Since then, it has launched similar investigations into Chinese manufacturers of wind turbines and solar panels.
In response, Beijing has launched a highly symbolic but economically insignificant investigation into cognac imports from the European Union. This move is particularly aimed at France.
AddendumAddendum
China is now the most important trading partner for many countries in the global south. But, as the study shows, the European Union and the United States are lagging behind, Tagesschau writes.
This has political implications. When the corona pandemic broke out in 2020, medical supplies and intermediate products were urgently needed, and there was a shortage of medical masks or disinfectants from China. It turned out that all global supply chains are in some way dependent on a country that has completely closed its borders. This experience pushed politicians in Europe to a new strategy towards China: "de-risking" or risk minimization. Currently, the EU is calling for a search for new trading partners to minimize dependence on China and spread risks.
Recall
The French President congratulated China on its commitment not to sell weapons or provide assistance to Russia. He also emphasized the importance of controlling the export of goods to the terrorist country that could be used for military purposes.
Chinese diplomat believes that Russia should join peace talks on Ukraine at the Peace Summit.
