China has been told it must close down steel mills dumping excess production in Europe if the country is to be admitted to the global club that will allow it to trade freely with other nations.
Ladies and gentlemen, welcome to the concept of free trade. Free trade is great when you are on the winning side, i.e.: when you force wages in the Western world to drop to Chinese levels, or you cause massive unemployment throughout Europe – because, low wages equals more profits for companies. But threaten the steel industry conglomerates and their profits? No way, José, says Juncker.
Nice to see where his priorities lie.
When free trade destroys wages and lives of workers, but give corporations huge profits, free trade is good, but when it starts to dig into the profits of companies, then free trade goes out the window.
Source: Juncker tells China to cut steel production or be frozen out of global trade club