The EU is finally waking up because China is flooding the market with cheap EVs, and that is all people are buying. Germany’s auto industry and others are suffering. Now China says it won’t reduce its exports. So, what’s next?
We should be thankful because Trump is not allowing China to destroy our auto industry, and if they want to sell us EVs, they need to make them here with our people. Strong leadership prevails, and I fear to think where we would be if Kamala were President. We would be failing, I know. All IMO.
“China’s economic woes and U.S. tariffs are turning the European Union into a vital outlet for Chinese overcapacity, leaving Beijing unable to afford a trade war with the bloc, experts say.
European manufacturers are losing ground in global markets to China’s industrial transformation, especially in machinery and transport equipment, the European Central Bank said Sept. 22.
German companies have suffered some of the heaviest blows, the bank said in an Economic Bulletin.
The analysis came days after European Commission President Ursula von der Leyen said in her annual State of the Union address to the European Parliament on Sept. 16 that the EU’s trade deficit with China, now 1 billion euros ($1.14 billion) per day, has reached a “tipping point.”
Brussels will use “all the tools” to rebalance the trade relationship with China, she said.
Meanwhile, Chinese Foreign Minister Wang Yi said in a Sept. 21 phone call with his German counterpart Johann Wadephul that China and the EU are comprehensive strategic partners and that “a trade war should not be waged between them.”
“Wang Yi is asking Berlin to keep the bloc from going harder on tariffs,” Alicia Garcia-Herrero, senior research fellow at Bruegel, told The Epoch Times.
“China is also dealing with the United States at the same time and does not want a second front.”
Garcia-Herrero said Germany is the EU economy that matters most inside Brussels, and European leaders are due to review the China deficit and possible new measures in October.”