China Says EU Must Recognize Its Decline Amid Trade War

Editorials in official Chinese media have urged Europe to “recognize its power is declining” and to avoid retaliatory trade tactics, reports the Financial Times. “Beijing is hitting out after Brussels imposed duties this week on solar panels imported from China… the Chinese government responded by launching an anti-dumping and anti-subsidy investigation against European wine,” reports Kathrin Hille. “Wine exports represent a tiny fraction of the €433.6bn in bilateral trade between China and the EU.” The People’s Daily reports that China has “plenty more cards to play,” and according to Hille, the trade spat reflects China’s frustration at Europe’s inefficiencies and an effort to divide individual nations rather than deal with a united EU. The orchestrated response suggests that China is no longer content to stand as a junior partner to Europe on trade and world affairs. Such criticism could also shame Europe into regrouping and getting its economic act together. – YaleGlobal