17:38 6 January 2025
Trade to be hit with customs duties in the new year
Global competition in trade and investment extends beyond the West vs. China rivalry, intensifying within political blocs. The U.S. allocates 1.38% of its GDP to renewable energy projects, outpacing the EU's capabilities. Biden's Inflation Reduction Act and CHIPS Act boosted domestic investments, limiting U.S. firms' interest in Europe.
Trump’s potential return could escalate tensions, with proposed 20% tariffs on imports raising fears in Europe, especially Germany. EU tariffs on Chinese electric vehicles triggered retaliation—China canceled its Leapmotor T03 electric SUV production in Poland's Tychy plant, shifting to another EU country.
To regain competitiveness, the EU considers a €237 billion climate fund, yet internal divisions remain, as countries like Germany oppose increased public debt.
(wnp.pl)
