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EU warns that trade war with China will cost Germany six times more than Brexit

China eager for 'significant' response to US intervention

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If Chinaretaliated against the West in a trade war, the bloc's largest economy would be several. You will lose a million dollars. Ifo Institute report saysGermany is most likely to suffer losses among her EU countries, with the automotive, transportation equipment manufacturing and machinery manufacturing industries most at risk. Industry.

Lissandra Flack, co-author of the report, said:

“Instead of shunning important trading partners without good reason, firms seek information from other countries to reduce their unilateral and significant reliance on particular markets or authoritarian regimes.

Even a trade deal with the United States will not save Brock from the cost of losing China as a trading partner, the report says. As the European Union strives to increase its presence in the Pacific through economic ties and new security commitments amid growing geopolitical competition in the region, the European Union's Pacific The island nation's ambassador to the island nations said on Tuesday. 42} EU News: German economy will lose in trade war with China (Image: GETTY)

Ambassador Sujiro Shim said during a visit to New Zealand said in an interview with Reuters. The EU has long been considered the development partner of the Pacific region, but it also wanted to be recognized as an economic and strategic partner.

This year, as the United States and Australia stepped up their engagement in the Pacific region after China signed a security pact with the Solomon Islands, EU pressure vie for influence in the region. ing.

"The geopolitical importance of the Pacific is recognized by everyone, including the European Union," said Seem.

The EU has long had a presence in the Pacific through its links with France and French Polynesia.

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In 2021, the bloc formulated a formal Indo-Pacific strategy and announced a €300 billion ($305 billion) global infrastructure fund. This helps strengthen relationships, Seam said.

The EU has several development projects in the region and is considering many more, he said, adding that a feasibility study for a wharf on Kiribati's Kiritimati island will include 500 It said it was finalizing a plan to spend 10,000 euros.

"We have always said our position in the region is second to none. We are not here to contain China," he said. Seam said.

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eu china trade germany xi jinping

EU-China trade war will cost blocks more than Brexit (Image: GETTY)

“Most Chinese aid is actually loans.

“That increases the debt vulnerability of these countries.”

Increasing the EU's presence in the Pacific Part of the strategy, Seam said, is to provide economic opportunities. The EU has signed a number of trade partnerships with Pacific governments and is negotiating a similar deal with Tonga to enable that. Better access to the European market.

He also said the EU plans to strengthen its maritime surveillance footprint in the Indo-Pacific.

French forces often hold assets in the region and have been used in the past to provide EU support.