Surging Chinese exports across advanced sectors are severely straining European manufacturers, causing Germany to lose between 10,000 and 15,000 factory jobs each month. Former World Trade Organization chief Pascal Lamy cautioned that these deepening economic imbalances could foster xenophobic political factions in France, Germany, Spain, and Italy. In response, French President Emmanuel Macron and German Chancellor Friedrich Merz proposed empowering the European Commission to restrict or ban disruptive foreign imports. Meanwhile, collective resistance from 44 industrial associations recently pushed China to reduce its hybrid vehicle exports by half.
Key points
French and German leaders want the European Commission empowered to completely halt impor…: French and German leaders want the European Commission empowered to completely halt imports that create severe market distortions.
Industrial decline driven by Chinese subsidies risks empowering far-right, xenophobic pol…: Industrial decline driven by Chinese subsidies risks empowering far-right, xenophobic political movements across multiple major European nations.
A coalition of 44 European industry bodies representing sectors like steel and solar is a…: A coalition of 44 European industry bodies representing sectors like steel and solar is actively pushing for robust trade defenses.
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China’s growing exports are putting pressure on European manufacturers, but Chinese investment also brings jobs and technology. Experts speak to CNA’s When Titans Clash about some of the thorny questions facing Europe’s leaders.
SINGAPORE: He played a central role in negotiating China’s entry into the World Trade Organization (WTO). Then he became the director general of the global trade body.
Now a trade and economic adviser, Pascal Lamy has sounded a warning note about the political consequences if Europe’s trade deficit with China — at 1 billion euros (US$1.1 billion) a day — continues to widen.
“Look at the speed of the surge of Chinese exports. If you project this (for) five, 10 years from now, this is simply unsustainable,” he tells CNA’s When Titans Clash.
“The EU (European Union) has come to the conclusion that serious measures now have to be taken. Otherwise, we’ll have huge social problems, which will translate into huge political problems, which will make xenophobic political forces in Europe stronger.”
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