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MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

(MNI) Brussels

The former ECB chief says Europe must protect itself against Chinese competition.

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The European Union will have to use subsidies and tariffs to protect its industries from Chinese and other global competitors, former European Central Bank President Mario Draghi said on a speech on Friday, giving advance details of his long-awaited report to be unveiled in mid- July.

While the EU should try to persuade other governments around the world to recommit to multilateral trade rules, it should also turn to "subsidies and tariffs to offset unfair advantages created by industrial policies and real exchange rate devaluations abroad", Draghi said referring to challenges from Chinese competition in sectors such as EVs and solar panels. (See MNI: Watered-Down EU Deal Points To Resistance To Draghi Plan)

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The European Union will have to use subsidies and tariffs to protect its industries from Chinese and other global competitors, former European Central Bank President Mario Draghi said on a speech on Friday, giving advance details of his long-awaited report to be unveiled in mid- July.

While the EU should try to persuade other governments around the world to recommit to multilateral trade rules, it should also turn to "subsidies and tariffs to offset unfair advantages created by industrial policies and real exchange rate devaluations abroad", Draghi said referring to challenges from Chinese competition in sectors such as EVs and solar panels. (See MNI: Watered-Down EU Deal Points To Resistance To Draghi Plan)

Keep reading...Show less