The European Parliament has issued a thundering warning over China’s steel exports
by Ambrose Evans-Pritchard
The European Parliament has voted by an overwhelming majority to deny China the coveted prize of market economy status, warning that it would leave Europe’s battered industries vulnerable to a devastating flood of subsidized Chinese goods.
The protest marks the latest retreat from globalisation and unfettered trade by Europe, and comes as support crumbles both for the Transatlantic Trade and Investment Partnership (TTIP) with the US and for the Mercosur deal with South American sates.
MEPs voted by 546 to 28 against the proposal, uniting Left and Right in an outpouring of anger over cheap imports of Chinese steel.