Europe growth hit more by China exports than bigger trade gap, Goldman says

Goldman Sachs says EU growth is being hurt more by losing export market share to China in third markets than by a rising bilateral trade deficit.
China’s exports to the EU have jumped (about 16% in early 2024), undercutting European makers—especially in machinery and transport equipment.
The EU is expected to respond with targeted measures in sectors like steel, machinery and chemicals, but not U.S.-style blanket tariffs.