As I was browsing the news, this caught my eye because the EU is also having problems with the ever-growing trade imbalances...
China Threatens To Retaliate After EU Agrees To Impose Financial Penalties On Chinese Shoe Exports To Europe
(RTTNews) - Under pressure from manufacturers, the EU has accused China of "dumping" shoes in Europe at less than market prices and imposed a tariff of 16.5% on leather shoes imported from China over the next two years, reports BBC.
"The European anti-dumping measures on Chinese leather shoes lack any legal or factual basis and damage the Chinese companies' legitimate rights," Chong Quan, spokesman for China's Commerce Ministry, said.
Shoe manufacturers from Vietnam also have been critical of the EU's move saying almost 70 thousand jobs in the sector would be threatened.
Beijing said the tariff, approved by one vote, was legally "defective" and not in accord with global trade rules. Beijing while protesting the move said the tariff is not in line with WTO or EU law.
China said it would review the situation and warned that it reserved the right to take "corresponding measures". China exports more than one billion shoes to EU countries.
I think what disturbs me the most is the EU's reaction. Undoubtedly, they're going to take it in the %#@ while China keeps cashing the checks. The US definitely has a problem with it's financial relationship with Red China but it seems as if the EU's is just as bad.
For every pair of shoes we buy, inevitably we're arming one more Chinese soldier.