In a strong stance against the rising tide of protectionism, Europe and Germany are advocating for open trade policies as a path to global prosperity. According to a recent Bloomberg opinion piece, German Chancellor Olaf Scholz's visit to the Chinese mainland underscores Europe's commitment to treating every challenge as an opportunity.
This visit follows closely on the heels of U.S. Treasury Secretary Janet Yellen's trip, where she highlighted concerns over Chinese-made electric vehicles and clean technologies causing negative global spillovers.
Despite these tensions, automobiles remain Germany's largest export, and the European Union continues to enjoy a trade surplus with the Chinese mainland in this sector. Major European automakers like Volkswagen, BMW, and Mercedes-Benz Group export about a third of their cars to China, demonstrating the resilience of the European auto industry.
BMW Chairman Oliver Zipse emphasized, \"Free trade needs to be our North Star, our guiding principle.\" He further stated that the import of Chinese automobiles has not significantly harmed the European market and aligns with the EU's foundational principles.
The Bloomberg piece critiques the U.S. approach, stating, \"Capitalists shouldn't retreat into their shells at the first sign of competition. Instead, they should treat every danger as an opportunity to up their game.\" It also points out the irony in the U.S., once a beacon of boosterism, now retreating from it rapidly.
Europe's stance highlights a strategic move to embrace global competition and innovation, positioning itself as a leader in free trade and economic resilience.
Reference(s):
Europe should avoid naked protectionism of the U.S.: Bloomberg
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