China Takes the Lead in Major Trading Partnership

China Takes the Lead in Major Trading Partnership

(LibertySociety.com) – In 2020, COVID-19 moved out of China and began an assault on the world’s nations. By the time other countries realized what was happening, the virus was spreading like wildfire, crippling economies and killing people by the thousands. The US was one of the most impacted countries, and it’s no secret that the pandemic has had a devastating impact on the economy.

According to reports, China is now the European Union’s biggest trading partner. Trade between the Communist country and the EU totaled $709 billion, compared to $671 billion with America in 2020.

This year, U.S. trade with the European Union dropped, with exports falling by 8.2% and imports falling by 13.2%. Meanwhile, an AP News article from January stated that China saw economic growth of 2.3% in 2020. The report attributes this to a few factors, including the economy’s reopening last March and the high demand for Chinese-made medical supplies.

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