- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
Europe, in its trade dealings with China, needs to act “in a more offensive way” to protect its own interests and those of its companies, [Germany’s] Bundesbank President Joachim Nagel said.
[…]
When it comes to China, let me only say one thing: China needs Europe more than Europe needs China," Nagel, who sits on the ECB’s Governing Council, said.
[…]
We are a strong economy. We are four hundred fifty million people… So we should play the European card in a more offensive way."
Nagel said Europe needed to avoid a trade war with China and should maintain a dialogue but also needed to protect its own markets.
“The point that I would like to say here is that Europe should play the cards in a way that we are more convinced about ourselves, because the most important market for the European is Europe itself,” Nagel told a financial event.
[…]
If China can’t sell its overcapacity to the world -and Europe is a huge market - the Chinese government would soon be in big trouble. Beijing’s desperate attempts to redirect goods from the US to the EU and other regions has already been observed in recent months and are very revealing. They can’t even afford ‘to cut exports’ for too long.
A tougher stance is definitely the best and supposedly even the only way for Europe. It’s already late, but better late than never.
How so? They’re richer than ever, rapidly getting even richer every year. The government is breaking records in terms of the nation’s support. I’m sure they appreciate the extra income coming from Europe, but that’s all it is - extra cash. They need it in the same way you need a $50 check from the government. Is it nice to get? Of course. Is it in any way necessary to fulfill your needs? You can answer this yourself.
And yet, that’s precisely what they do all the time, and somehow, their economy cannot stop growing, while Europe’s stagnates or faces a recession.
Absolutely agree here. Europe has been way too submissive for decades. We definitely do need to grow some balls and toughen up. Otherwise we’ll simply continue being exploited, mostly by the American Empire.
Washington has just ordered the Netherlands to completely illegally take over a Chinese chip manufacturing company, threatening them with sanctions otherwise. This has resulted in the company’s employees refusing to work and China cutting exports from the Chinese branch of the company to the EU. We’re losing big on this, China is losing pennies, and the US is probably gaining something. Once again, we’re following the Americans’ orders to our own loss. Meanwhile China is being relatively friendly when unprovoked. Who should we be hostile towards here?
Remember the food that is thrown away. Overcapacity doesn’t matter.
As long as China makes enough money to buy needed external resources, everything is ok for them.