Reference Message Network reported on April 17 that the weekly magazine "L'Express" website published an article titled "Barry Eichengreen believes that Trump, surrounded by sycophants, underestimates China in 2025" on April 13. The author is Alex Lospiitaller. The following are excerpts from the article:
In terms of the current Sino-US trade war, renowned American economist Barry Eichengreen believes: "China has more advantages than the United States to win this exhausting war." As for Europe, it can serve as a "pillar of stability in an unstable world."
"L'Express" Weekly asked: Does the current situation mean that Trump wants to create conditions for negotiations with Beijing?"
Eichengreen answered: I doubt he has either goals or strategies. He left no escape hatch for imposing such terrifying tariffs on China. Beijing responded firmly. Despite Trump's retreat on tariffs, like always treating retreat as success, it is bound to fail in the face of China's firm stance.
Asked: How far will the Sino-US trade war go? Will there be winners?
Answered: This trade war where all parties are raising tariffs will have no winners. We hope the confrontation is limited to the economic field and avoid escalating military tensions.
Asked: Now China has diversified its partners and export systems. Has Trump underestimated China in 2025?
Answered: Obviously yes. Trump does not clearly understand China's economic situation; he is surrounded by sycophants. Since 2018, China has enhanced its technological capabilities, and China also has policy room: it can respond to tariff impacts through monetary and tax support policies. On the contrary, America's operational space has decreased. China has more advantages to win this exhausting war than Trump.
Asked: Can Europe become a third pole in the world by accepting China's hand amid the two giants, the US and China?
Answered: Yes, Europe can position itself as a pillar of stability in an unstable world. Europe can negotiate trade agreements with other countries, such as the current negotiations with Australia and New Zealand. Europe hopes to maintain stable and open trade relations with Beijing. If Europe wants to approach China, the negotiations should be refined.
Asked: Specifically, what impact will Trump's chaotic policies have on the global economy?
Answered: I am worried it will be very bad. In the short term, there will be economic recession, inflation, and instability in financial markets. In the long run, the world will be less prosperous and divided into two hostile groups. You can also see it as a new "Cold War," unless Europe can act as a bridge. As for the new global challenges we need to unite to address, such as addressing climate change and maintaining financial stability, we may enter a leaderless world. (Translated by Lu Longjun)
Original text: https://www.toutiao.com/article/7494271413973434906/
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