The warning from the World Trade Organization in Geneva early this week was unambiguous: A global economy split into rival trading factions would reduce real incomes 5% — maybe double that amount in poor countries.
The next day, the European Union launched what some of the 27-nation bloc’s most well-known industries — ranging from Airbus SE to cosmetic producers and wine makers — worry could land them on the punishing end of a trade war with China.
French Finance Minister Bruno Le Maire, speaking to Bloomberg Television on Friday, signaled that perhaps a new era has arrived, one where “the EU starts thinking about its own interest.”With the Chinese subsidy investigation, Brussels “wanted to send a powerful signal,” former EU Trade Commissioner Cecilia Malmstrom told Bloomberg News in an interview. With Chinese imports flooding in — unlike in the US where 27.5% tariffs are in place — she said “there is fear of competition.
China’s response “could be official retaliation, or just making life more difficult for European firms with a significant China presence,” said trade expert Sam Lowe, a partner at consultancy Flint Global in London. Tensions between Europe and China have been brewing for years following the implosion of Europe’s bilateral investment deal with China due to EU allegations of forced labor in Xinjiang.
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