(TheFreedomFlag.com)- Good news for President Joe Biden and his son, Hunter Biden…China has overtaken the United States as Europe’s biggest trading partner for the first time ever!
According to the latest figures from Eurostat, China now plays a gigantic role in the European economy, with exports to China from Europe growing by 2.2% over the last year, and imports rising by 5.6%.
Exports from Europe to the United States, however, fell by 8.2% and imports increased by 13.2%.
It’s good news for the Chinese economy, and good news for anybody with investments in China, too. Is Hunter Biden listening?
Carsten Brzeski, an economist from ING Germany, described the drastic change as a result of China being the “only region going through a nice V-shaped recovery.”
It’s quite a different message to the one pushed by former President Donald Trump, who was overseeing a super-V recovery before President Joe Biden was elected.
The United States also remains under some fairly strict COVID lockdown restrictions that continue to dramatically impact the national economy, with Joe Biden insisting that Americans wear masks until the end of the year and some businesses forced to open with severe restrictions.
The Chinese economy, however, has not gone through severe restrictions during second waves, meaning the Chinese economy is now operating fairly close to its pre-COVID levels. In 2021, according to the International Monetary Fund, China is expected to achieve the second-highest growth rate globally.
Brzeski said that looking ahead, the importance of Chinese trade for Europe will be a “clear dilemma.”
“Europe will have a hard time making choices” between working with the United States on technological projects and trading with China.
However, President Joe Biden’s relaxed attitude to China means that Europe is unlikely to face the same roadblocks that would have been in place under a second Trump administration. Previously, the United States and the European Union have come to loggerheads with China over 5G technology, but the days of President Donald Trump’s strict restrictions on communist China are now very much over.
Now, the United States will need to decide about its future with Europe, and whether more Trump-era restrictions will be lifted. The European Union just signed a new investment agreement with China in December, allowing European companies to operate more easily in the Asian country.