> The EU is the biggest trading bloc in the world.

That recently changed: https://www.dw.com/en/asia-pacific-nations-sign-worlds-bigge...

> China is highly dependent on the EU and the US for trade

This is double-edged sword - EU and US are dependent on the imported goods. if the trade between China and the rest of the world stopped China would end up with abundance, and EU would be in serious trouble, not being able to buy basic things they need. Always better to have some real stuff than virtual money.