Commentary
It started in Japan: the concept of de-coupling from China. The Japanese government offered its corporations billions of dollars to move manufacturing out of China, to safer, more friendly locations.
It then caught fire in the United States—initially under the Trump administration, and then continued under Biden—with their massive tariffs against Chinese goods, and huge subsidies for companies returning production to the U.S.
In Europe, there was a subtler recognition that Europe relied on China but should recognize the risks associated with dealing with such a large, unstable, and unfair regime.
Unlike the U.S., European luxury brands are snapped up in China, where the likes of Mercedes Benz, Louis Vuitton, Zara, Carrefour, H&M, and Volkswagen dominate Chinese shopping malls and high streets….