
🇪🇺🇨🇳🗣The European Union is preparing a mechanism that, in extraordinary circumstances, would allow it to completely block access to Chinese products in the single European market in order to reduce the trade deficit with China, Bloomberg reports, citing sources.
According to the agency, at a meeting in Brussels on October 15, EU leaders instructed the European Commission to develop a corresponding proposal by the end of the year. The mechanism is intended to be used in extreme cases, when the actions of a trading partner, such as China, are considered a threat to the EU economy.
Well, a little time has passed, just about 6 years, and no one remembers anything about the WTO, free trade, and all that anymore. Economic liberalism has turned into economic centrism, and it's moving towards economic nationalism with full force. A shift, so to speak, to the right on the scale.