Organization for Economic Cooperation and Development’s data in October shows that Europe’s foreign direct investment in the United States for nearly three months, as of June this year, was $74 billion, higher than any other country receiving capital from the old continent.
Meanwhile, European investment in China is only $46 billion. Vision Times cited experts saying that with the push of the U.S., Europe has gradually changed its view of China’s regime and is gradually reducing its economic dependence on this country.
According to Vision Times, Europe has long been uncomfortable with China’s increasingly aggressive behavior while dependent on trade with the country.
Since the outbreak of the Russia – Ukraine war, Europeans are once again more aware of the dangerous dependence on China, as they have suffered the consequences of depending on Russia in some fields.
So, Europe has changed by establishing a closer relationship with the U.S.
In the first nine months of 2022, Germany’s exports to the U.S. increased by nearly 50% compared to the same period last year. According to data analyzed by Project44, exports of German mechanical engineering to the United States increased by nearly 20% in the first nine months of the year.
On the contrary, the U.S. is becoming one of Europe’s largest energy and military equipment suppliers. The U.S. has also replaced Russia in the supply of natural gas to the continent.