U.S. Doesn't Need Europe's Help in China Trade War
Asian countries such as Vietnam and Indonesia will make better allies in the battle for economic dominance.
Stepping out of the fray.
Photographer: Bloomberg
With an economic showdown between the U.S. and China looming over the new Biden administration, it’s increasingly clear that the European Union wants to sit this one out. That presents the U.S. with a dilemma: in which areas can it afford to go it alone against China, and when will it need to pressure its European allies to hold the line?
The headline issue here is the EU-China investment deal, formally known as the Comprehensive Agreement on Investment. The arrangement, which will be finalized over the coming year, gives European companies access to various Chinese markets in exchange for allowing China to make bigger investments in European industries.