When President Trump returned to office, his aggressive treatment of traditional allies raised the possibility that the EU and China would come together in defence of free trade. But it was clear this week that the opposite is happening: US pressure and China’s responses are driving the EU and China apart.
Meanwhile, China’s consumer goods trade-in scheme is proving popular and giving a strong boost to sales of eligible products. This isn’t a foundation for a lasting pick-up in consumer spending though.
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