The European Union is looking at an array of tools to ensure it punches at its global weight, as countries such as China and Russia show an increasing willingness to use trade and control of critical supply lines to further political and military goals.
The European Union is looking at an array of tools to ensure it punches at its global weight, as countries such as China and Russia show an increasing willingness to use trade and the control of critical supply lines to further political and military goals.
The EU was slow to fully realize how dependent it was on Russia, and when the Kremlin invaded Ukraine a year ago, Europe suffered record inflation and stared down an economic catastrophe as it tried to find new supplies of oil and gas that it previously sourced cheaply from Russia. But member states are torn over how to act, with some reluctant to start a trade war with China, which is a major commercial partner with several EU countries.
This year, European member states agreed to a new set of trade powers that will allow the bloc to strike back at third countries that use economic restrictions for political retribution. The EU’s new anti-coercion instrument beefs up EU trade defenses and enables the commission to impose tariffs or other punitive trade measures in response to incidents of politically motivated foreign trade restrictions.
But this shift in the EU’s executive arm has worried some corporations and particularly countries that have deep trade ties with China. German automakers Volkswagen AG, Mercedes-Benz AG and Bayerische Motoren Werke AG have built dozens of factories in China and all three manufacturers now sell more vehicles in China than any other market.
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