Hopefully this is going to be a wake up call but probably not. The US economy is much more robust, USD is the reserve currency and it also doesn't help that capital is fleeing to the US.
It's not like that's a particular problem for Europe though. The US imports more from China than from any other country, and about the same as it imports from the entire Euro zone.
Every country is dependent on everyone else at this point. We're all in it together. We do need to be smart about it though. We've been particularly dumb about Russia ever since 2014, that's crystal clear now.
I think relying on (taking advantage of?) cheap Russian gas is only a mistake if you also think that giving Russia a pass over annexing Crimea was acceptable. In reality choosing to do both was a catastrophic error. You can make deals with your enemies (and both Russia and China as oppressive expansionist autocracies are choosing to be our enemies), as long as you make it clear where your boundaries are. We didn't do that clearly enough with Russia, and cannot afford to make the same mistake with China.
Yep, all on it together. But governments in China and Russia don’t have to care about their populations’ wellbeing. They can do bad things and then violently repress dissent.
Western democracies can do that only to a very limited degree. That’s why economic interdependence doesn’t work with autocracies.
