The EU could lose 300,000 jobs amid competition with China
Eurometal, the leading European steel trade association, has warned that the EU faces the loss of 300,000 manufacturing jobs by the end of 2026 due to China's "colonization" of component supply chains.
As 1news.az reports, this was announced by The Guardian.
European companies, the publication notes, are forced to buy from China because of low prices, including thanks to the undervalued yuan exchange rate and the absence of carbon emission duties, unlike European producers. China has a record trade surplus with the bloc amounting to €1 billion a day.
In Brussels, outside the headquarters of the European Commission, a demonstration will be held on September 7 with ten coffins bearing the inscriptions: "EU competitiveness," "industry jobs" and "European factories." The protest is intended to draw the authorities' attention to the fact that China is deliberately embedding itself in key supply chains in order to control the full value chain.
The head of Eurometal, Alexander Julius, stressed that China wants to be a supplier not of raw materials but of components, and that the European Commission needs to fight not the consequences of its expansion, but the "virus" in the form of dependence on Chinese imports.
