Data by Eurostat showed this week that China became the EU’s biggest trading partner in 2020, overtaking the US. RT’s Boom Bust talks to Economic Update host Richard Wolff about the realignment in global trade.
“The Europeans are dealing with a rising power over there, and a declining power here,” says Wolff.
“I think Americans particularly have got to understand that the Chinese economy is a powerhouse. They handled this Covid way better than the United States. They have avoided the economic catastrophe that we have here; accompanying that, they are moving quickly, they already were a growing power, they’ve grown faster than the United States for the last 25 years,” he added.
For more stories on economy & finance visit RT’s business section