(AmericanProsperity.com) – The European Union has avoided the grim predictions that had threatened their economy, but now they face another challenge. They must deal with Russia’s war in Ukraine and also a trade relationship with China.
European Commissioner for Economy Paolo Gentiloni said that the economy went through a “weak growth, but nothing of the terrible prophecies that we heard in the last two or three years: recessions, blackouts, divergence, divisions in Europe in front of Russia’s invasion.”
”The economy is growing, slowly, but growing. And the risks of differences among the European Union, that was very high when the pandemic happened, are very limited,” he added.
Europe has been able to pull out of the COVID pandemic, but they have been dealing with a cost of living crisis and high inflation brought on by the war between Russia and Ukraine.
Europe is now dealing with Chinese trade issues as they are in the crossfire of imposing heavier tariffs on Chinese electric vehicles that were found to benefit from “unfair subsidies.”
Gentiloni said that they must still “support Ukraine, keep the doors of international trade open.” He also said they must “abandon our ingenuity in the trade relation with China. But this does not mean that we can accept the idea that international trade and international trade rules [are] over.”
He continued to also downplay the potential economic impact if Trump wins the election in November, however there is some concern over trading and what this would mean for other countries.
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