In 2024, the global economy has undergone significant changes, especially in the context of
trade relations between the European Union (EU), the United States of America (US) and
China. The main developments include:
US-China trade relations:

• Tariff increases: In May 2024, President Joe Biden’s administration increased tariffs on
  Chinese goods, including electric vehicles, solar panels, steel, and aluminum. Tariffs on
  electric vehicles increased to 100%, on solar panels to 50%, and on steel and aluminum to
  25%.
• China’s response: China retaliated by imposing its own tariffs on U.S. goods and restricting
  exports of critical rare earths, which are key to electronics manufacturing.
  EU-China relations:
• Tariffs on electric vehicles: In June 2024, the EU imposed tariffs on imports of Chinese
  electric vehicles, which caused tensions between Brussels and Beijing.
• Subsidy investigations: In March 2025, the European Commission initiated an investigation
  into the possible receipt of unfair government subsidies by the Chinese automaker BYD,
  which could distort competition in the European market.
  Economic indicators and forecasts:
• US trade deficit: In 2024, the US trade deficit with China amounted to $295.4 billion, up
  5.8% from 2023. The deficit with the EU also increased by 12.9%, reaching $235.6 billion.
• EU economic growth: Real GDP growth in the EU is projected at 0.9% in 2024, with an
  expected increase to 1.5% in 2025.