Why Europe is Facing Up to the China Shock Now
The European Union is intensifying its economic response to a widening trade deficit with China, which has reached record levels. Brussels has initiated multiple investigations into Chinese imports, citing concerns over overcapacity and the erosion of the European manufacturing base.
A number is haunting the European Union: 1 billion euros a day. That’s the rate at which the bloc’s trade deficit with China in goods is widening, reaching 31.9 billion euros per month ($37.3 billion) in April this year. As imports from China surge and major European industries hollow out, solving the trade challenge has shot to the top of the EU’s priority list.
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