According to a report published Friday, the EU could lose up to 3 million jobs, if China transforms into a ‘market economy’. The report found that if this eventuates, costs for EU industrial goods would rise by 25 to 50% within the next 3 years, resulting in a decline of EU GDP by 1 to 2%. The study also showed that when China receives the ‘market economy’ status, this would reduce the EU ability to impose import tariffs on Chinese goods.