European Union carmakers like Volkswagen AG got their wish this week when a combustion-engine ban for 2035 onward was effectively abandoned. It was seen as too ambitious, too costly and a dream for Chinese rivals, whose electric-vehicle head start (powered by subsidies) has given them a 7% share of the continent’s autos market. Faced with a choice between climate leadership and protecting jobs, the EU chose the latter.
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Europe's Naivety About the China Export Shock Is Tragic
