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China launches anti-subsidy probe into EU dairy products as trade spat escalates
euronews (in English)
Follow
21/08/2024
The tit-for-tat anti-subsidy probe is seen as a response to the EU's tariffs on imported electric vehicles.
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00:00
The Chinese government on Wednesday said it has initiated an anti-subsidy investigation
00:06
into dairy products imported from the European Union. The EU exported 1.7 billion euros in
00:11
dairy products to China last year, down from 2 billion in 2022. Analysts say Beijing may
00:18
be playing into tensions within the farming sector.
00:20
There is a Chinese strategy to occupy a space in the European economy and to use what is
00:29
perceived as our strong point of exports, food and agriculture. But we must not be
00:35
fooled and we must see that it is an iron fist that is being played and we must defend
00:42
in a fairly clear way the common agricultural policy, which is a false problem.
00:48
Beijing's action is seen as a response to the European Union's decision to update the
00:54
tariff rate on electric vehicles imported from China. In this trade tit-for-tat, the EU is also
01:02
at odds with Chinese subsidies for wind turbines and solar panels. On the other side, Beijing opened
01:09
an inquiry into European pork, liquor, chemical products and medical devices. Speaking at a
01:16
conference in Spain on Tuesday, the EU's Chief of Diplomacy, Josep Borrell, admitted it was
01:21
possible that a trade war with China was inevitable. But an analyst says it's too early to say.
01:27
I think for a real trade war to happen, you need some kind of a downward spiral where
01:32
retaliatory measures of each side basically kind of get to a point where you get to a very large
01:38
share of total trade, which would be affected by measures. Right now it's somewhat contained
01:44
to certain sectors and certain industries and I think it will depend on also on how much of
01:49
these measures actually get into place eventually. But some analysts say the real test will be what
01:57
happens if Republican candidate Donald Trump, who advocates for greater trade protectionism,
02:03
wins the US elections in November.
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