过去几年，德国对中国的贸易关系已从基本平衡转变为巨额赤字，预计今年赤字将超过1000亿美元。欧洲公司曾长期受益于中国市场，如今却视其为最强劲的竞争对手。此外，中国的稀土出口管制对欧洲企业的破坏程度与对美国企业相同，凸显了欧洲过度依赖中国的潜在风险。尽管欧洲对中国的投资越来越警惕，但匈牙利和西班牙如今被视为最欢迎中国投资的国家。

在外交领域，紧张局势持续加剧。2023年6月，由于在贸易争端方面缺乏进展，欧盟终止了与中国的经济对话。10月，德国外长推迟了对北京的访问，因为未获安排高级会见。中国则因德国外长在日本批评中国在亚洲水域“愈发激进”的行为而不满。欧盟官员报告称，中国外交部采取了罕见的拒绝会谈举措。欧洲代表认为，中国早已对欧洲的批评不屑一顾，甚至感到厌烦。

中国普遍认为自己在与美国的贸易战中有优势，处理欧洲将更加容易。北京当局对通过与单个欧洲国家如匈牙利和西班牙发展关系、削弱欧盟整体一致性的策略颇有信心。然而，欧洲对中国的强硬态度正在上升，若中国商品出口继续激增，欧盟可能会实施更为激进的贸易措施。尽管中国将欧洲激烈反应归因于美国，但实际上，愈演愈烈的新愤怒，正是欧洲自身的选择。

In recent years, Germany's trade relations with China have shifted from near balance to a massive deficit, expected to exceed $100 billion this year. European companies who once benefited from the Chinese market now see it as their fiercest competitor. Additionally, China's export controls on rare earths have disrupted European firms as much as American ones, highlighting Europe's vulnerability due to overdependence on China. Despite growing European caution toward Chinese investment, Hungary and Spain are currently considered especially receptive to Chinese capital.

Diplomatic tensions are also escalating. In June 2023, the EU ended an economic dialogue with China due to lack of progress on trade disputes. In October, Germany’s foreign minister postponed a visit to Beijing after not receiving offers for top-level meetings. China was angered by the minister’s criticism of its “increasingly aggressive” behavior in Asian waters during a speech in Japan. European officials in Beijing report that China has taken the unusual step of refusing formal diplomatic meetings. European representatives describe China as increasingly dismissive—and even bored—by European criticism.

China generally believes it has the upper hand in its trade war with the US and that managing Europe will be even easier. Chinese policymakers are confident in their strategy of fostering ties with individual European states like Hungary and Spain to undermine EU unity. However, as Europe’s attitude toward China hardens, a continued surge in Chinese exports could prompt the EU to adopt more aggressive trade measures. While China attributes Europe’s rising hostility to American influence, the new anger is increasingly Europe’s own.