Ursula von der LeyenThe President of the European Commission has criticized China for its export restrictions on vital raw materials used in the production of cars, batteries and wind turbines. The move, she says, disrupts global trade and undermines competition.
What happened: Von der Leyen, during a session on the world economy at the G7 Summit in Kananaskis, Canada, on Monday convict China for the use of subsidies to strengthen its companies, Politics reported. She accused China of it his dominant position in the production and refining critical raw materials and the refining of global trade regulations to undermine rivals.
Since April, China has greatly reduced the export of permanent magnets and the critical minerals needed to produce them. This action – Retaliation against rates introduced by the US President Donald Trump– It had far -reaching consequences and not only affects the US, but also on Europe.
“At this point Donald is right – there is a serious problem,” said Von der Leyen when she encouraged Trump to work with allies to tackle China’s trade irregularities instead of imposing rates. She also warned of a ‘new Chinese shock’, which Beijing accused of saturated world markets with cheap goods supported by the state and insisted on confronting the growing dominance in the raw material industry.
Why it matters: The attitude of the EU about Chinese commercial practices is an important shift of his previous position. In April there was concern that China could use the tense USE EU services to his advantage. However, the strong attitude of the EU against China’s commercial practices suggests a possible coordination with the US on this issue.
Trump’s trade war with China has also tense the relationships between the USEU. In May, Trump referred to the European Union as ‘boring Dan China’, and claimed that the US prevails in trade agreements with the EU. This statement came only a few days after he had praised Von der Leyen as ‘fantastic’.
The EU has also adopted a fixed attitude in its trade negotiations with the US in April, Von der Leyen threatened to impose taxes on American technical giants such as such as such as Meta platforms Meta And Alphabet Goosen Googl If the current tariff negotiations with the Trump administration were not resolved. This fixed attitude of the EU, in combination with its current position on Chinese commercial practices, suggests a significant shift in global trade dynamics.
Image via Shutterstock
Indemnification: This content was partially produced with the help of AI tools and was assessed and published by Benzinga Editors.
#point #Donald #chef #hits #Chinas #commercial #practices #Trump #entry #join #forces #Alphabet #Nasdaq #Goog #Alphabet #Nasdaq #Googl