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China, EU Envoys Seek to Ease Tensions 10/09 06:36
The top trade envoys for China and the European Union were wrapping up two
days of talks Friday aimed at calming escalating tensions over growing
imbalances between the two giant economies.
BEIJING (AP) -- The top trade envoys for China and the European Union were
wrapping up two days of talks Friday aimed at calming escalating tensions over
growing imbalances between the two giant economies.
EU trade chief Maros Sefcovic traveled to Beijing saying it was crucial that
the negotiations deliver "tangible outcomes" in rebalancing trade between China
and the 27-nation bloc.
It was unclear, however, if the two sides would find the will to resolve key
factors behind China's growing trade surplus, which hit 360 billion euros ($410
billion) last year.
China is pushing for the EU to stop blocking its imports of advanced
computer chipmaking machines, restrictions imposed on national security grounds
at Washington's behest.
Sefcovic said the talks this week were the culmination of three months of
intensive work. He had set an October deadline for meaningful results on trade
rebalancing.
Earlier in the week, the Chinese Commerce Ministry issued a statement urging
the EU to avoid protectionist measures, warning that such moves could backfire.
Trade tensions have grown in recent months, with both sides imposing or
considering curbs on each other's imports.
The EU has moved to limit imports of Chinese-made electric vehicles and EV
batteries and enacted measures to protect the European steel industry. It also
is limiting duty-free imports of e-commerce small parcels, essentially
targeting Chinese fast fashion firms.
Last week, China launched an anti-dumping investigation into imports from
the EU of p-nitrotoluene, a chemical compound used in dyes and pharmaceuticals.
Chinese officials and businesses have raised concerns over reports some EU
members are pushing for new measures to protect local industries.
Worries over surging Chinese exports to Europe and other parts of the world
in what some are calling a China shock 2.0 have deepened as the U.S.,
especially since President Donald Trump returned to the White House, has raised
tariffs and enacted other measures to try to reduce its own huge trade deficit
with Beijing.
Despite the backlash from some of its trading partners, China's global trade
surplus hit $1.2 trillion in 2025 and is forecast to surpass $1 trillion again
this year.
The EU's trade deficit with China widened to 103.34 billion euros (about
$116 billion) in the April-July quarter, as imports rose to 153.63 billion
euros ($172.3 billion) ,while European exports to China climbed to 50.3 billion
euros ($56.4 billion), according to EU statistics.
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