Jeffrey Sachs on EU and U.S. going protectionist in the face of China

The European Union is preparing to launch an anti-subsidy probe into China's electric vehicles, while the U.S. has been compelling its companies to "friendshore" and restrict the export of high tech products to China. Jeffrey Sachs, a professor at Columbia University, explains that China is unique in that it can compete in the high tech sectors with developed countries despite being a developing country. Sachs says, "China is a low-cost producer of excellent electric vehicles. Europe is now trying to find an argument to avoid competing in the marketplace with what is perceived to be unfair competition." Sachs concludes that the protectionist measures only hurt the U.S. and EU and that an open world economy serves the world the best.

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