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21
In trade crisis, China courts the EU as a hedge against Trump, but experts say breaking a prolonged stalemate won't be easy for Chinese overcapacity is flooding the world with goods (www.reuters.com)
submitted 1 week ago by Hotznplotzn@lemmy.sdf.org to c/europe@feddit.org
4 comments fedilink hide all child comments
 

cross-posted from: https://lemmy.sdf.org/post/32655711

China is looking to mend a strained trading relationship with the European Union, the last open major market for its products, to weather a trade war with the United States. But diplomats and analysts say breaking a prolonged stalemate won't be easy.

The EU and other major trading partners argue that Chinese overinvestment in manufacturing is flooding the world with goods.

[...]

China's EV exports to Europe were down 15% in January-February from the same months last year, according to China Passenger Car Association data. This extends a 10% decline in 2024, as tariffs of up to 35.3% took effect in October.

[...]

European diplomats, having seen years of discussions that resulted in no progress on key issues including the trade imbalance, market access and reciprocity, are not holding high hopes for a reset.

"It's up to the Chinese to show they're serious about engaging. All existing problems in the trade relationship are within their power to resolve," said one based in Beijing, on condition of anonymity.

Analysts believe China views Europe as politically divided and weak after Trump's re-election, and hopes that tariff pressure from Washington will make member states more open to deepening investment ties with China.

"I don't see any reason why China would be interested in a change other than political and symbolic gains - which is not what the EU wants," said Mathieu Duchatel, Asia Program director at Institut Montaigne, a Paris-based think tank.

[...]

Beijing has mounted a charm offensive in recent months, sending senior diplomats to Brussels in February to raise lifting sanctions on EU lawmakers in exchange for reviving a long-dormant investment deal.

[...]

Top EU leaders will visit Beijing in July for a face-to-face summit with President Xi, an EU Commission spokesperson said on Friday.

This comes after China indicated Xi would not attend the EU-China summit originally planned for Brussels, said one European diplomat, despite travelling to Moscow in May for World War Two commemorations.

"They sense an opportunity for getting concessions, but are not interested in really improving ties since Xi cannot be bothered to travel to Europe," the diplomat said.

[...]

"The ball is very much in China's court, and it will be interesting to see how they choose to play," [says one observer].

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[โ€“] NastyNative@mander.xyz -1 points 1 week ago (1 children)

China will collapse way before the US does! No more taking advantage and for now US companies will look for goods in the US and the price increase gets passed on to the customer. Customer most of the time being a multi million dollar company that will still make the same profit. Bring manufacturers back to the US to limit our dependence on other countries.

[โ€“] orange_squeezer@lemm.ee 2 points 1 week ago (1 children)

This is the funniest thing I've read all day. Just the fact that you think companies will just swallow lost profits instead of bleeding actual customers (that being you and me) dry.

China is the world's second largest economy and they make all their own stuff. The entire US market is only 15% of their exports. That, with a centrally managed economy means that they can easily ride out the trade war while the US burns to the ground.

[โ€“] NastyNative@mander.xyz -1 points 1 week ago (1 children)

You say bleed and I see a US economy who can now afford to sale products produced in the US. China has what we call a day to day manufacturing meaning they need the sales from yesterday to pay the bills today to keep producing even a day of disruption can bankrupt them.

[โ€“] sniggleboots@lemm.ee 0 points 1 week ago

Do you have a source for this? (Non-aggressive tone)