‘Free trade is over, it is dead’, former French minister declares
Europe needs to ‘wake up’ to harsh reality and pursue a more ‘nationalistic’ approach to trade policy, former finance minister Eric Lombard says
Former French finance minister Eric Lombard accused the United States and China of killing free trade and called for the European Union to pursue a more “nationalistic” approach to trade policy in response during a speech in Paris on Thursday.
“Free trade is over, it is dead,” Lombard told a summit on competitiveness organised by Politico in the French capital.
He urged France and Europe to “wake up” to the fact that the US and China were employing unfair trade practices that deviate from free trade and the rules of the World Trade Organization.
“This new world is a lot more brutal,” he said. “If Europe doesn’t protect itself, between the Chinese dumping and American tariffs, we will disappear.”
Europe needs to follow a more “nationalistic vision” when dealing with the US and China and be prepared to take tougher measures against both powers, according to the former French finance chief.