China will not submit to an intrusive American trade enforcement procedure with triggers of discretionary and unilateral sanctions, writes Michael Ivanovitch.
signed up Italy to China's Belt and Road infrastructure investment initiative, got a cautious interest of France and Germany and left the door open for Chinese 5G technologies.
There was a reason for that, though: Hungary was the first EU country to sign on to the Belt and Road, and Italy was the first G-7 country to do the same thing last March.As always, the Europeans are happy to pocket the benefits of U.S. pressure that forced Beijing to change its trade rules and practices.During his speech in Beijing last Friday, German Minister for Economic Affairs and Energy Peter Altmaier said that "we shall take seriously promises.
Clearly, Germany relies on pragmatic and reciprocal measures to manage trade and investments with China, while the U.S. wants structural reforms of the Chinese economy, with changes in the way China manages its aggregate demand and industrial policies. And to make sure China does all that, Washington insists on an enforcement mechanism with a permanent threat of trade sanctions.The other much more important difference is that, unlike Germany and the rest of the EU, the U.S.
The bottom line is this: Looking for the "right deal" that hits China's red lines, the U.S. is likely to get an empty shell, worsening U.S.-China relations and various trade impediments to bilateral flows of commerce and finance.
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