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A new front of economic tensions is opening between China and the European Union and threatens to disrupt the global trade balance. In response to the EU’s proposals to impose tariffs on Chinese electric vehicles, China, an influential member of the BRICS, has warned of the possibility of a trade war.
Escalation of trade frictions
China has expressed its dissatisfaction with the European Union’s decision to impose tariffs on Chinese electric vehicles. A spokesperson for the Chinese Ministry of Commerce warned that this measure could trigger a trade war for which « the responsibility would entirely rest with the European side« . This statement comes after the EU proposed high tariffs on imports of electric vehicles from China, arguing that these benefit from unfair subsidies that distort competition. Beijing, for its part, criticizes these measures, calling them excessive and highlighting that they could severely disrupt economic relations between the two blocs.
The European Union justifies its proposals by stating that Chinese electric vehicles are flooding the market at artificially low prices thanks to massive state subsidies, creating unfair competition for European manufacturers. This position has been firmly rejected by China, which sees it as an attempt at disguised protectionism. As a result, trade tensions between these two economic giants have intensified, raising fears of an escalation that could extend far beyond the electric vehicle sector and affect overall Sino-European trade exchanges.
Strategic responses from the BRICS
In response to the escalating tensions with the European Union, China and the other BRICS members, such as Brazil, Russia, India, and South Africa, are intensifying their efforts to counter Western measures. The most notable initiative is dedollarization, which aims to reduce their dependence on the US dollar by promoting the use of local currencies for international transactions. This strategy is seen as a way to strengthen their economic independence and protect their economies from fluctuations in the US market.
The potential implications of this confrontation are vast. If a trade war were to break out, it could disrupt not only the electric vehicle sector but also the entire economic exchanges between China and the EU. European companies could face retaliation in the form of tariffs or trade restrictions, further aggravating the already fragile economic situation in some industries. Moreover, the acceleration of dedollarization efforts could change the dynamics of international trade and encourage other nations to join this initiative to reduce their own dependence on the US dollar.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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