INSUBCONTINENT EXCLUSIVE:
(Analysis) Christine Lagarde, the European Central Bank President, has recently called for the European Union to leverage current global
tensions to strengthen its internal market.This stance comes at a time when major economic powers like the United States and China are
adopting increasingly protectionist policies.Former U.S
President Donald Trump has proposed implementing high tariffs on imports if he returns to office
He suggests a minimum 10% tariff on all imports, with rates potentially reaching 60% for products from China.Trump believes these measures
will protect American jobs and boost domestic manufacturing
Meanwhile, China continues to heavily subsidize its export industries.Chinese industrial firms receive subsidies amounting to about 3% of
(Photo Internet reproduction)This has helped Chinese companies dominate global markets in sectors like electric vehicles and wind turbines
self-sufficient economic bloc.The potential benefits of this approach for the EU are significant:1
Enhanced economic resilience: A stronger internal market could help the EU weather global economic storms more effectively.2
Increased bargaining power: A more unified EU market could give the bloc greater leverage in international trade negotiations.3
Technological advancement: Fiercer competition within a larger, more integrated market could spur innovation and technological development.4
Energy security: A coordinated EU approach could reduce dependence on external energy sources, a key concern given recent geopolitical
Supply chain resilience: Strengthening intra-EU supply chains could reduce vulnerabilities exposed by recent global disruptions.By focusing
This could indeed be concerning for major trading partners like the U.S
and China.For China, a more self-sufficient EU market could mean reduced opportunities for its export-driven economy
The EU might become less receptive to Chinese goods, especially in sectors where European companies are being strengthened.For the U.S., a
more unified and economically powerful EU could present a formidable competitor in global markets
It might also be less susceptible to pressure from U.S
trade policies.However, this approach is not without risks
Increased focus on the internal market could lead to protectionist tendencies, potentially reducing global competitiveness in the long
