21.11.2024 10:33
China wanted companies wishing to manufacture in the country to engage in technology transfer. The European Union retaliated against China. The Brussels administration is preparing a new trade strategy to mitigate the effects of low-cost imports from China. This development has led to comments that the economic war between Western countries and China will intensify further in the new era during Trump's second term.
According to a report in the European media, the European Union plans to force Chinese companies to transfer technology to European businesses in exchange for EU subsidies.
In December, a grant program of 1 billion euros will be launched to support battery production in Europe. This program will also introduce new criteria that include technology transfer for Chinese companies and conditions for local production in Europe. EU officials state that this pilot application could be expanded to other green technology sectors in the future.
RETALIATION AGAINST CHINA
In the past, China required companies wishing to produce in its country to transfer technology. Now, however, the EU wants Chinese companies to share their technological expertise. The Brussels administration's decision is seen as a retaliation for China's previous actions, and it is interpreted as a signal that the relentless trade war against China, initiated during Trump's previous term, will continue in the new era.