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China Threatens With Furious Retaliation In Growing Trade Wars
Last week it was the Fairness Distributor In Chief threatening China with WTO action over its unfair duties on US car imports. Before that it was Europe trying to protect its crumbling trade at all costs with its primary trade partner. Now, it is China's turn to retort to the world's beggars, and all those who just happen to ravenously import its iWares with the reckless abandon of a gadget junkie. FT reports: "Beijing has threatened swift retaliation against a range of European Union industries if Brussels presses ahead with an investigation into government subsidies granted to two Chinese telecoms equipment companies. The Chinese threat was delivered at a meeting with EU trade officials in Beijing late last month that was arranged at the behest of Chen Deming, China’s commerce minister, to try to defuse a brewing trade dispute that is straining commercial relations between the two sides. Instead, it collapsed into acrimony, with the Chinese warning their EU visitors that they would respond to any investigation of Huawei and ZTE Corp by probing subsidies granted to European agriculture, automotive, renewable energy and telecoms companies. “Put it this way: it’s not like they went for a beer after and watched football,” one person briefed on the meeting said." None of this is new: recall China Lays Out Conditions Under Which It Will Bail Out Europe; Does Not Want To Be Seen As "Source Of Dumb Money" in which Li Daokui "added that Beijing might also ask European leaders to refrain from criticising China’s currency policy, a frequent source of tension with trade partners." Looks like we can scrap those "China bails out Europe" (ignore the fact that the Chinese economy itself is imploding for a second) rumor in perpetuity.
Karel De Gucht, the EU trade commissioner, declined to comment. An EU official sought to play down the meeting, saying that Brussels would wait to see what level of co-operation the Chinese would provide in an effort to ward off a formal trade complaint.
Nonetheless, concerns about the Chinese reaction – and pressure from worried member states – appear to have put on ice a case that once seemed imminent, according to several EU diplomats. They said it was now unlikely that Mr De Gucht would act before September.
In the meantime, both sides are bracing for another trade confrontation in the solar industry. European solar companies have been preparing a complaint accusing Chinese competitors of using improper government subsidies to underprice them, and requesting punitive tariffs. That complaint could materialise as early as this week, according to people familiar with the matter, and could also trigger Chinese retribution.
Combating Chinese government subsidies has been one of Mr De Gucht’s top priorities. The cutting-edge telecoms equipment industry, in which Huawei and ZTE have quickly gained market share, would be a signature case.
Yet it is one thing for bureaucrat to sabre rattle, it is something totally different for idiotic trade war proposals to get traction with corporations:
Mr De Gucht’s case has been undermined by a lack of support from European telecoms companies – Ericsson, Siemens-Nokia, and Alcatel-Lucent – which fear that any action from Brussels could harm their own business interests in China’s fast-growing market.
In an effort to get around that, he has drawn up plans to launch the complaint at the commission’s initiative – and not based on a complaint from a company – setting a new precedent in EU trade defence.
Trade analysts in Brussels said that some member states had also expressed reservations about the case after receiving complaints from Beijing. Germany is understood to be wary of igniting a trade war with China before a planned visit by Chancellor Angela Merkel in August.
And now that China has told Europe what it can do with its empty threats, it is time for it to shift its attention to the US.
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"accusing Chinese competitors of using improper government subsidies to underprice them, and requesting punitive tariffs"
Wow, as if all the "fixes" that go on into the US/EU pot are invisible to him.
Zerohedge inspired me to cut together a little video about the LIBOR.
I thought you should know.
http://youtu.be/VO6XqbOWyJY
God bless Everyone.
It's about time someone called the massive subsidy emperor NAKED.
Agricultural subisdies are the cruellest cut of them all, causing crops to be burnt and milk to be tossed into fields and streams.
What to speak of US AID and Japan AID and European AID. Trojan aid if there ever was such.
Of course the Chinese see ZTE etc. as valuable spy arms, electronic eves-droppers, ultimately communication system disruptors.
Deal with it or cut western world subsidies first, no?
Ratchet global tension, 2 notches UP>
ori
omens-in-america
Good thing we can't afford to give anymore aid. Our country is bankrupt.
While I certainly do not agree with the agricultural subsidies I can tell you they were put in place to stabilize prices (so US farmers wouldn't overproduce). Now the world's population is vast enough to sustain what we produce. We should get rid of the subsidies.
So what if the U.S. is bankrupt, since when has that sopped them from giving'foreign aid' to anyone? Where have you been getting your information?
Engage people with what they expect; it is what they are able to discern and confirms their projections. It settles them into predictable patterns of response, occupying their minds while you wait for the extraordinary moment -- that which they cannot anticipate. - Sun Tzu.
Bobby, the crueller cut is that most places had populations that could have been supported by local agriculture.
It's when the subsidisers required the local agriculture system to be destroyed/poisoned, creating a perpetual market for the AID-givers products that the problems begin.
US Beef to Japan is a classic case in point.
In fact, the human population BOOM has been purely due to mis-managed (on purpose) agri-distribution.
For centuries now, ever since truly global supply-chains came into existence.
ori
Do you actually know anything about Japanese agricultural subsidies, or do you pull these references out of your ass, ad hoc? Beef???
Japanese agricultural subsidies add up to about USD 27 Billion a year, whereas Americans subsidize to the tune of 80 Billion, give or take.
While you're at it, tell us about how great agriculture is doing in India. Don't forget to leave out the suicides, now.
BIJ, I do. What does the sad state state of Ag in India have anything to do with this? Oh yes, we too have had dumping, long time, forced switch to chemical agriculture, mechanized farming subsidies through tractor sales (American tractor companies financing), now GMO coming...
So, yes, I do. Do you know how Beef became SUCH a staple in Japan? Do you?
ori
While I certainly do not agree with the agricultural subsidies I can tell you they were put in place to stabilize prices (so US farmers wouldn't overproduce).
Think how rich we'd all be if Uncle Gorilla protected consumers from all the other sectors 'overproducing'! Cars, computers, books, housing, electricity, shoes... the list is literally endless!
I hate getting cheap stuff, don't you? It makes us all sooooo much poorer when goods are produced and consumed, rather than the ideal, which of course is for them to be produced and then immediately destroyed in situ.
Wake me up when FDR & Keynes are disinterred and their bodies burnt in public for crimes against humanity (and logic).
4 Red arrows? Keynesians and/or hypocrites?
People that don't understand how agriculture subsidies are structured blame them for their shitty losing trades in ag commodities and make up nonsense about massive throwing away of food. Ag subsidies for a year cost less than we were paying for a week in Iraq. They are good bang for the buck and they keep farmers in business when bankers attack them. They also stop mass starvation in the US which we would surely suffer if the farmers were not protected with a saftey net from the bankers.
quinvarius, "They are good bang for the buck and they keep farmers in business when bankers attack them. They also stop mass starvation in the US which we would surely suffer if the farmers were not protected with a saftey net from the bankers"
how's the crop biz at monsanto? or do you work for conagra? seems i read that most of the gov cheese goes to mega corps, but don't let that get in the way.
You heard? Great research. Go do some actual research on what ag subsides are. Ag subsidies have absolutely nothing to do with the genetic seed business, which you attempted to imply. Who gives a shit if someone has a giant farming business? Are you a communist? You prefer collective farms where you are forced to work because you live near them? Again. Look up what a farming subsidy actually is before you start repeating CNBC drivel.
Ag subsidies provide a safety net for farmers in a world where AG prices are set by bankers. Of course bankers don't like it that they cannot force farmers off their land and steal their assets by forcing down grain prices. So they make up a bunch of baloney about subsidies. Don't fall for it. And before you even go there, there is no federal subsidy for ethanol production that is given to ethanol producers. It simply doesn't exist.
Quinivarius
You lost me with the whole "people would be starving without government subsidies" thing. Please go over to vonMises.org, spend some time learning actual economics, and get that shit out of your system.
I lost you because you don't understand how the system works. You think food comes from Obama's magic ass and that bankers would never try to put farmers out of business for profit. You are simply clueless.
AG subsidies provide a price floor and a safety net. Their cost is minimal compared to their benefit. People would be starving to death in America without them because food prices would go through the roof and we are in a the worst depression this country has ever seen. 20% of America is on food stamp already, bud. WTF do you think is going to happen if food prices go up 4X? Yes. people will starve.
WTF do you think would happen if we let the bankers, who can push grain prices to near zero due to access to free money to make margin, and who also hold the farmers loans, were allowed to beat on defenseless farmers? Did you miss MF Global? Did you miss the thirties?
You are naive. You want to save some money? End the wars.
" WTF do you think is going to happen if food prices go up 4X? Yes. people will starve. "
quiny me boy,you never swum in the deep end did you? we are not for banksters busting small farmers and you know it. keep sucking on the states tit just like your avatar.
I don't understand how the system works? Such a sweeping conclusion based on such little data. Well that seems to be your style. I'm not sure what you are saying about food coming our of someone's ass. I don't think that it does. I'm not sure what I said that would lead you to think that I believe the food-ass hypothesis. I don't.
I am naive? Again, how are we concluding this?
Anyways, listen. Bankers bad. People good. Wage and price controls cause poverty. Subsidies cause poverty. Please read Hazlitt "Economics in One Lesson," and I promise you will be happy you did. You will never argue in favor of subsidies again.
Quinvarius makes good points. The tendency to knee jerk on buzz words like "subsidy" needs to be controlled. If the farmers were not guaranteed steady payment, why would they gaurantee steady harvests? They could easily close up the barn and delve in more lucrative businesses. Contrary to mass illusions, the mass of growers are not mom-and-pop hayseeds but in fact very well moneyed interests.
They could easily close up the barn and delve in more lucrative businesses.
_______________________
Absolutely. And you'll find noone to stand for them.
Work is a hobby. Not a necessity.
At least, in US citizen economics, and the US citizen dream.
So my words need to be controlled?
Yup, that should do it. Subsidies for farmers and speech control for me. I can see the prosperity zooming upward.
The more insecure a national leadership feels about the security of its secrets, the less likely they are to resort to the military option when they have a hissy fit.
thanks for the effort. still do not understand all the fuss. how is the LIBOR supposed to be determined? who is supposed to rig it?
Wow, as if all the "fixes" that go on into the US/EU pot are invisible to him.
________________
They are visible but US citizen style here: do not adopt a profitable US citizen behaviour or do it at your risks.
US citizens want the monopoly on these behaviours.
Border hopping and settling illegally is 'american' but hey, do not go into a US citizen nation illegally shouting you have proven your 'americanness' by crossing illegally borders.
US citizens wont like it.
AnAnonymous
Why don't you try handing out pamphlets in Tiananmen Square, denouncing your Communist Masters ?
Or better yet. Start your own "ZeroHedge" in China.
Then, my little mouse, you will be somebody.
I am waiting for US citizens to start an Abraham Lincoln brigade to help overthrow tyrants in Bahrain and Saudi Arabia. Bahrain is marching tanks on their own population Tiananem square style while the Saudis are shooting lethal ammo.
Dont miss the opportunity. Many US citizens lament they missed the Tiananmen square opportunity.
Bahrain and the Saudis provide a repeat. Seize the opportunity.
AnAnonymous, drooling as he typed, said:
Made me laugh.
AnAnonymous, as the founding father and number one patriot of US citizenism, you need to form such a brigade and you must lead it in battle. (I recommend you use Easter Island as a staging area.)
Only then can you assure your place in the imaginary history of AnAnonymousistic Chinese citizenism.
Yeah, yeah, right...
Abraham Lincoln is an imaginary character.
The Abraham Lincoln brigade is an imaginary brigade.
'Americanism' does not exist.
'Americans' do not exist.
This is where 'Americanism' leads people to: denying the most obvious and inventing fantasy to avoid coping with reality.
'Americanism' has promoted human thought.
AnAnonymous responded timidly:
Ah, but in the world you create, you merely need to will it to make it so.
Waooo! You mean to tell me that, even in your fantasy world of US citizenism, you lack the courage, the backbone, the very mettle to lead your US citizenism brigade into glorious battle?
You talk a big game, but when the rickshaw meets the road, you lack mettle. With a leader like you, your US citizenism credo is not long for this world.
Ah, but in the world you create, you merely need to will it to make it so
________________
Wooooo, now, I created the world Lincoln lived in, the Abraham Lincoln lived in, 'Americanism' has been expressing itself into.
More examples of what kind of fantasical claims US citizenism leads to.
AnAnonymous said:
Your admission is quite telling. It seems like the inside of your head is blobbing up to be bigger than the outside of your head. This will make it more difficult for you to push all blame off onto a convenient exterior.
When it comes to making US citizenism claims, you are the most fantasticalest.
The rejection of such a claim that I invented Abraham Lincoln, the Abraham Lincoln brigade? Quite a telling admission indeed.
AnAnonymous, talking backwards, said:
Embracing the claim is a very much funny way of rejecting it. The rejection is imaginary in your confusioned brainpan.
Now, lacking the mettle, lead your brigade away from battle vigorously.
your US citizenism brigade into glorious battle?
___________________
US citizenism brigade? More strawsman. The Abraham Lincoln brigade.
Running away much?
AnAnonymous, while scurrying like a rodent, said:
Yes, sure, whatever. It's your fantasy, so do what you like with it.
With you as brigade leader, they will be running away always.
Abraham Lincoln, the Abraham Lincoln Brigade is now my fantasy.
US citizens know no limits. And they are ruling the world.
There is of course no connection between the simultaneity of US citizen rule and the current state of the world.
It cant be when US citizens are so helpless in coping with reality they have to claim Lincoln and the Lincoln brigade are fantasy.
AnAnonymous, admitting his US citizenism, said:
I see...please continue.
You are the one claiming the fantasy of Lincoln and the Lincoln brigade. This confession of yours, that you are a US citizen who is helpless in coping reality, is a big first step on the road to recovering your mental health.
Please do not shit on the side of this road.
AH, yes, about the US citizen economics.
Guys in China are already very interested in them, they are building ghost towns US style, and are looking actively to ape any US citizen trick like reserve currency and stuff
They do not need my help, they are doing fine already. But they could appreciate the hand of a US citizen well versed in US citizen economics.
AnAnonymous gave us today's lesson in Chinese citizenism:
Ah, ah, you are being far too modest. Guys in China do need your help. When it comes to US citizens well versed in US citizen economics, the world looks to you as the only possible choice.
Speaking on the behalf of the world, humanity is very US citizen.
Keep up the good work exhibiting the eternal US citizen nature.
AnAnonymous said:
So now you speak for the world? How US citizenish of you.
No need to, as nobody can compare to your US citizen exhibitionism.
the world looks to you as the only possible choice.
_____________________
And that quote was written by a US citizen.
US citizenism, managing to state something and deny it the second later.
Hooked on power.
AnAnonymous said:
Yes, yes, we are wise to your US citizenism ways. Nevertheless, you will continue, as you are compelled to entertain us with your gyrations.
More likely: hooked on your visits to the Peoples Liberation Opium Parlour.
EU wants to carbon tax every plane that flies past the EU. The most disgusting tax ever and EU thinks it can tell China what to do.
EU can fuck itself and we don't need your stinking Euro and Tax Nazis. Cry me a river and not even USSR can defeat China
Don't hold back....tell us what you really think.
Market? What Market? EU are too poor to become a market now. Sleep with you LV bags and feed them to your own folks
Actually the EU is pretty tough.......they just extended the extensions. Maybe you haven't heard yet?
Most of the Europe had Chinese blood and silver in their hands 100 years ago. They deserve what they have got today from being arrogant as hell. Keep scapegoating somebody else for your own corruption. You are calling Chinese communist? Yeah right! Deal with it!
Maybe we should just call them socialists?
Why not just call them 'Chinese'? At least it would be accurate....
Chinese are socilist and socialist don't export color revolution like communist does. Therefore US and EU are typical communist systems. It's only because mega banks and corps of these two countries are not loyal to for the gov therefore there is an illusion people are free to choose.
Obama and Barasso are all Maoist students and they worship Mao!
Yes, European´s will indeed be eating our LV bags and as the Chinese shortly will be eating the copper and coal piled up on their docks... I´d much prefer a nice gyro or kung pao chicken, but wtf..
Well, a trade war is a great excuse to finally revalue all that mal-investment and blame it on a foreign country. The bankers exit stage right.
All governments subsidise. That is the working model for corporate fascism.
Well said. and to add to it, the CBs will claim the trade war would never happen if they were calling all the shots*
(*even though they are calling almost all the shots)
So what other news. other than the West being intellectually bankrupt, is there? And if you were in China's position, would you not also be careful to not be guilty of keeping the Ponzi going?
Will somebody please do everyone a favour and administer the last rites and the coup de grace to something which is an embarrassment of false riches.
"something which is an embarrassment of false riches"
Well put and said aman... the lack of shame is staggering.
ori
Madarin is a God Awful sounding language imposed by a Mass Murderer. Communists. Fucking Communists. "Flouride, Mandrake!"
Good to see everyone is remaining calm today.
One Child for You! Unless you Pay. No ticky, No Laundry.
I know! We all know Europe is the new breeding hellhole for Mohammed and his 72 virgins. Chinese aren't jealous of it at all. Enjoy your Koran and Europastan
Chinese are jealous. They are good friends with one of the key -stans.
Better than the a bunch lame ducks In Europe all speaking Greek these days with despiration. better learn your German and learn to lick Merkel's boots
Germany should leave the EU; in keeping with their pain now, propersity later philosophy of reliable vechicles and guns.
brain washing NWO prop..freeeeeee trade.LOL the only cost is your freedom, job, wealth,nationalism, but plastic forks at the lowest price in years. GE weeps at the mere mention of tariff
What percentage of the trade between China and the U.S. are Chinese products? How can there be a trade war if China supplies everything. We should work out the terms of surrender for the trade war before we start the war or find another country that works hard for $2 an hour.
not only that ,but the $ are printed at will.
So is China bailing out Europe (again)?
Hillary can fix this.
Hillary is a Cunt Licker.
And Obummer is a Cock Sucker. No wonder US is fucked.
you below the belt obsession here is worthy of a flight of fancy up into the clouds. Hillary has a hubby who has never made so much money as since he is out of office, aka since Monica left his life and his wife became political Lenina Crown to Obammy's Mustpaha Mond.
If the US is sucked into fiat spiral it is largely ALSO thanks to Clinton's above the clouds belief in abolishing Glass-Steagall!
Now that was very above the belt! No wet cigars there. Clinton and the NWO burning bushes were all part and parcel of it. The globalist sucking...
You think China is mad about this, wait until we push Iran into ambushing the US.
Then all financial hell will break loose on the USA, the US$ and US Markets.
This is what I see written in biblical prophecy.
China's problem: how will it ever get those factory workers to go back to the farms without unrest.
China doesn't want a trade war either.
You do not make a career in China with being a factory worker. Large turnover.
People work in factory till their 30s, and leave with the money to marry etc
Wow, he actually contributed something for once in his life.
Frightening comment. What could US citizens consider a contribution?
The big judges of humanity, the great assessors of human nature...
Scary, when you receive such a comment from a US citizen...
AnAnonymous said:
We understand that you find reality bewildering and frightening. Please try to bear with it.
He does at times take a half-hearted stab at presenting a thin veneer of pseudo-objective non-'US Citizenism', whereas in reality he is really all about raging and simplistic anti-American bigotry and monolizing of the speeching means.
Anti-'American' bigotry? What is that? I thought that 'american' did not exist.
US citizens at work. They are many scapegoats to explain their incapacity to deal with reality without mediation of propaganda and fantasy.
I think what he was trying to say was, "Dammit, I stepped in some MORE roadside crap!" But it might have been his own, thus causing an internal dilemma. Instead he scrapes his shoe against US Citizenism. US Citizenism Cynicism.
Such crap stepping into is virtually unavoidable on Chinese citizenism roadsides.
When it comes to number two, the public parks are not much better:
http://www.shanghaidiaries.com/archives/IMG_9634.jpg
Huh, no shit? That's nuttier than squirrel turds!
Today, French government announced that they're willing to help their struggeling automakers. And believe me, French automakers are really struggeling and the socialist president is really willing to help. But how can Europeans complain about China when the EU's second biggest economy doesn't give a rat's ass about their own rules?
EU is still qualified to make rules for others? How many summits and mettigns of EU dear leaders have been making in the past years. That's more than the number of any peak meeting season in a communist system. To believe Europeans are capitalists these days is the biggest joke on earth. EU is the biggest communist turd. Communism itself is invented by Turd European too
I think it is now 20 meetings right? Yes, you are also right on European Council being anti capitalist... Barroso comes from Portuguese communist party actually.. I guess if the European´s can eat their LV bags the Chinese can eat all of the copper sitting on their docks...
my friend and me did buy over years, at least min. 10 + motorolla cell phones, unfortunatly we been brainwashed and switch to huawei and nokia.
Huawei= Chinese military
ROFLMAO - WTO - NWO! The only country stupid enough to allow their industries to be hollowed out and destroyed in the name of a good (but seriously idealistic and misguided) economic theory - is right here - the good old US of A. Even the most vaunted EU economy - Germany (that exporting powerhouse) still needs to find customers that want and more importantly can afford their products - and a lot of them.
Sooner or later "Global Free Trade" was going to end this way. Once all the sheeple have been sheared and their jobs exported away to the lands with the lowest everything - well, it's time to pay the butcher's bill. I wonder how the various nationalist/mercantilist social orders are going to survive?
Even the most vaunted EU economy - Germany (that exporting powerhouse) still needs to find customers that want and more importantly can afford their products - and a lot of them.
--------------------
Germans are hard working people. They will make stuff and then give out vendor financing to its customers and then have their jollies looking at their export charts.
Then they will start complaining why everybody else is so lazy and dont earn enough money to pay them back.
They'll survive...the West won't (unless it wakes up - which is most unlikely)!
First it was the British stealing weaving from the Continent through the mechanisation of the Industrial Revolution. Then the Americans stole manufacturing from the British through mass production. Then China stole manufacturing from the Americans through low wages. Next it will be.........
One could see the same progression in the isolated city state of Hong Kong. Through the 1970s, the label 'Made in Hong Kong' was a sign of cheap crap. Through the 1980s, the label 'Made in Hong Kong' became a sign of quality for the boutique manufacturers. Through the 1990s, the label 'Made in Hong Kong' all but disappeared as Hong Kong transformed into a financial intermediary...and it's still standing alone as the closest the world has ever seen to a free trade and free market economy.
We used to say: "Welcome to Hong Kong, gateway to China. Welcome to China, gateway to the 17th century!". No more.
One has to grow up and adapt...or remain in nappies forever.
I gave you an up arrow but your timeline/history is off. First it was made in Japan (crap) then HK (crap) then Taiwan (crap) then China (crap). All have upped their game. This is a good thing.
I totally agree with you ... but I deliberately chose two types of example: The shift across the world from Holland to China over centuries; and, the change within a single country over decades. Your point is equally valid.
The real question I wish to provoke is: What are the US and Europe going to do to generate wealth in the absence of low wage manufacturing - which is never coming back?
There are plenty of potential buyers in the world for all range of goods and services.
"Then China stole manufacturing from the Americans through low wages."
I beg to differ, my friend. Low wage coutries, including China, existed long before the U.S. financed the "new" China.
American politicians sold out their own country; nothing else.
The Extraordinary Genius of Albert Einstein
http://www.youtube.com/watch?feature=endscreen&v=nYaRPlEWnXw&NR=1
.
germany at the turn of the century (1900)
Sounds like China is already beginning to "pay the price". I hope they amend their ways before Hillary subjects them to the comfy chair!
Made me laugh. Probes into what? US citizens are in charge of the global institutions.
The Chinese would launch several probes against several sectors while EU US citizens only one sector?
US citizens probe will find target faster than any chinese probe.
US citizens have monetized disrespect of the rule of law and have taken large profits from it.
And they will keep going.
US citizenism at work.
Sloth and tweezers haphazardly rim the Martian drywall.
Israel used to turn around and sell USA arms to china that we funded via aid up to around 2001. They will double cross and don't care who wins the next big war. Parasites are never your friend
"Hoist the Jolly Roger and declare war on all ships on the horizon. Take no prisoners!" Captain Sparrow to his crew.
China holds all the cards in the global trade/financial stability. We're fucked.
cards you say? they can't make s decent card in china why macao has to rip them up after every hand.
They make decent rockets for their space program.
I seriously doubt there will ever be an all out trade war with China because that would make me very happy.
"Fairness Distributor In Chief" ~ LOL
~~~
Washington could a few 'more' Redskins & a few less Chiefs...
Canadian Bacon
withdrawn
PLEASE!!!! An ethanol plant was built on the Canadian side of the US-Canada border. Canadian farmers sharing a property line with the plant need not apply for supply contracts as US subsidized corn was only welcome at several dollars less per bushel!!!!!!!!
If China doesn't temporarily bailout the EU, the union will fall apart, and "the bolters" (PIIGS) will be China's biggest customers, and vice vera.
If China temporarilty bails out the EU, they will (CHiNA) demand greater market access and maintain their cheap currency, and supply their oil imports with EU dollars.
in either case china wins in the long run.