EU seeks to balance trade with US and China

EU trade ministers met in Brussels on November 24 and met with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer on their first visit to Brussels. The focus of the discussion was the future of EU-US trade relations and the EU's common approach to China.

According to the views of the Ministers of the European Union member states, the economic relationship with the US remains a "strategic pillar" for the EU, but needs to be adjusted to resolve disagreements on industrial subsidies and new US protectionist measures. The focus is on the US Inflation Reduction Act, which is putting pressure on Europe's green manufacturing industries. In addition, the US and Europe also need to find a balance, avoiding the risk of unfair competition in the clean energy sector.

Regarding relations with China, the meeting discussed ways to reduce dependence on supply chains, especially in the semiconductor, battery and rare materials industries. However, the Ministers affirmed that the EU is not pursuing a policy of decoupling from China, but rather aiming at "reducing risks", maintaining trade but ensuring economic security.

The EU is trying to maintain a balance between the US and China, but reconciling its interests with these two major partners remains challenging, especially in the areas of green industry and strategic supply chains. To avoid risks, Europe will have to increase its autonomy while maintaining dialogue to avoid being caught in the spiral of global fragmentation.

Source: https://vtv.vn/eu-tim-cach-can-bang-thuong-mai-voi-my-va-trung-quoc-10025112509054801.htm