In its geopolitical competitors with the West, China has lengthy sought to divide the U.S. from Europe. Last week it appeared to attain a coup when French President Emmanuel Macron declared Europe wouldn’t comply with the U.S.’s strategy towards Beijing.
Appearances, although, are deceiving. In reality, the European Union has decisively modified its strategy to China in the previous yr. Europeans use milder language than Americans, saying they want to “de-risk” their financial relationship with China, not “decouple.” But in substance, European de-risking and American decoupling look a lot the similar. Indeed, Europe is erecting financial defenses towards China that in some instances go additional than the U.S.