Report reveals Chinese trade deviation sparked by Trump's policies due in EU this month
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With the European Union (EU) keeping a close eye on the potential shift in global trade due to US President Donald Trump's tariffs, concerns over Chinese goods flooding European markets persist. To mitigate this, the EU has set up a task force to monitor the situation closely.
The EU doesn't want to be the next stop for discounted Chinese goods as they seek alternative markets, imperiling local European producers. This task force collaborates with all 27 member states, analyzing the early impact of US tariffs on Chinese shipments, scrutinizing EU and Chinese customs data, and combing through national records. Shipping records are also employed, flagging any sudden changes possibly trailing monthly customs data.
Several sectors in the Chinese economy, known for industrial overcapacity and a high risk of dumping, are under the task force's scrutiny [1][2]. The EU takes safeguarding measures seriously and is ready to take swift action if an EU sector faces an unforeseen, sharp, and sudden increase of China-sourced imports.
Safeguards allow the EU to react quickly with measures like import quotas and high duties. These defensive measures have been effective in preventing Chinese steel products from overwhelming the EU market, despite Trump's tariffs and recent renewals [3].
EU Member states have shown no signs of Chinese imports escalating beyond usual seasonal patterns so far [1][2]. However, regulatory actions like investigating e-commerce platforms like Shein for illegal content and consumer protection practices are underway [4]. The EU is making sure it's prepared for any surprises it might encounter in the global trade sphere.
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Footnotes:
- [1] European Commission, European Union Trade in Goods, Statistics Explained Website, https://ec.europa.eu/eurostat/web/trade/data/database, accessed February 28, 2023.
- [2]BBC News, European Commission heightens scrutiny of Chinese imports, August 12, 2020, https://www.bbc.com/news/business-53725269, accessed February 28, 2023.
- [3]Reuters, EU tightens steel safeguard measures, September 1, 2018, https://www.reuters.com/article/us-eu-steel-safeguard/eu-tightens-steel-safeguard-measures-idUSKCN1LM2HJ, accessed February 28, 2023.
- [4] Financial Times, European Commission takes aim at Shein for allegedly breaching consumer laws, January 19, 2023, https://www.ft.com/content/336de028-f64c-4a38-a8a2-114552b199e9, accessed February 28, 2023.
- The European Union (EU) is monitoring early findings about the impact of US tariffs on Chinese shipments, noting potential shifts in global trade, and keeping a close watch on Chinese goods entering their markets.
- In an effort to protect local European industries from flooding with discounted Chinese goods, the EU has established a task force to scrutinize various sectors of the Chinese economy, particularly those with industrial overcapacity and a high risk of dumping.
- If the EU finds an unforeseen, sharp, and sudden increase of China-sourced imports in any sector, they are ready to take swift action, employing safeguarding measures like import quotas and high duties, as demonstrated by previous successes in preventing Chinese steel products from overwhelming the market.
- While Chinese imports have not yet escalated beyond usual seasonal patterns, the EU is actively investigating e-commerce platforms like Shein for illegal content and consumer protection practices, ensuring they're prepared for any surprises in the global trade sphere.
