Di European Union don announce say dem go expand di tools wey dem dey use to defend dia economy against di imbalanced trade wey dey happen with China. Di bloc industry chief, Stephane Sejourne, tell di Financial Times for report wey come out on Thursday.
Di comments come ahead of a special meeting of EU commissioners on Friday wey go focus on how di 27-nation group go approach China to level di playing field. China booming exports don cause big trade surpluses with many of Europe top economies, wey dey put political pressure on di continent leaders to protect local industries.
Sejourne tell di FT say di EU go step up dia use of import quotas and tariffs on China to protect certain sectors – including chemicals, metals, and clean technology – against unfair competition. “Our objective is not to break with China but to have a real rebalancing and real measures wey go allow us to do am,” Sejourne tok, according to di newspaper.
Most commissioners dey support a more robust stance and broader use of safeguard measures ahead of di key debate on Friday. Industry chief Sejourne dey set to advocate di broader use of di foreign subsidies regulation, or FSR. Dis tool don dey widely used against individual companies, but di French commissioner dey support using am for much broader, sector-focused way to combat perceived market distortions by subsidised Chinese firms.
Both of dose officials dey support di more widespread use of safeguard measures, wey be emergency tools wey fit place tariffs or quotas for case of surges for imports. With an eye on di chemicals and machinery sectors, there be di view say time wey dem dey spend on anti-dumping and anti-subsidy probes fit be halved to about six months through di use of safeguards.
At di heart of dia concerns be say Europe industrial base fit be decimated within years because of di breakneck growth of Chinese competitors, wey dey out-compete dia European rivals on price and often quality for China, Europe, and for third markets around di world.
