“Avoid a harmful decoupling of global trade” Paolo Gentiloni, European Commissioner, urges

European Commissioner for Economy Paolo Gentiloni emphasized the importance of avoiding a harmful decoupling of global trade as the EU considers tariffs on Chinese electric vehicles and other goods. Gentiloni stressed the need for a mature trade approach with China, highlighting ongoing EU anti-subsidy investigations into the EV market and wind turbines. These probes aim to determine if Chinese government subsidies are disrupting European businesses. Gentiloni warned that decoupling global trade would be disastrous, noting the EU’s reliance on open trade. EU officials, including Gentiloni, expressed concerns over the U.S. Inflation Reduction Act’s protectionist implications. Some EU nations fear Chinese retaliatory trade measures could harm key domestic industries. Despite challenges, Gentiloni remained optimistic about 2024, citing accelerating economic activity driven by private consumption, declining inflation, and high employment.

source