The second China shock threatens Europe's highest-status manufacturing, not an industrial backwater the way the first one did in America.

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• By PPP there are three economic superpowers—the United States, China, and the EU—with China clearly largest and the US and EU roughly co-equal. PKPaul Krugman19 Sept 2026EuropeChinaAmerica
• Europe is an economic superpower, and at present it is the only democratic one. PKPaul Krugman10 May 2026EuropeChinaAmerica
• Partnering with Russia was a strategic mistake for Beijing, because it is the United States and Europe that hold the markets and the technology. DWDan Wang4 Mar 2023EuropeChinaAmerica
• The era in which Europe bought its energy from Russia, had its goods made in China and left its security to the United States is over. EMEmmanuel Macron25 Apr 2024EuropeChinaAmerica
• The second China shock is landing on Europe, where the first one landed on the United States. ATAdam Tooze29 Jul 2026EuropeChinaAmerica

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