finance
EU Seeks Trade Pact With China by October as New Steel Tariffs Begin
The European Union will pursue an agreement with China to address trade imbalances by October. New steel import quotas and a flat customs duty on low-value e-commerce packages also took effect.
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The European Union will seek a pact with China to reduce trading imbalances by October, its trade chief said on Monday. The move comes as concerns grow over the impact of Chinese industrial overcapacity on European industries. Manfred Weber, chairman of the European People's Party, told Europe Today that without a deal the bloc would enter a phase of conflict with Beijing.
He called for a fundamentally changed approach, stating the market must be fair and level.
New steel quotas and tariffs came into force as Brussels seeks to limit global overcapacity. The remaining 9.15 million tonnes will be available for other countries, with China identified as the main source of surplus. Imports beyond the quotas face a 50 percent tariff.
A flat €3 customs duty on low-value e-commerce imports also began today. Goods under €150 previously entered duty-free. The measure targets parcels from platforms such as Temu, SHEIN and AliExpress and addresses what the European Council called unfair competition for European retailers.
Ireland assumed the rotating six-month presidency of the EU Council today, succeeding Cyprus. " European Commission President Ursula von der Leyen will hold talks with Azerbaijan's President Ilham Aliyev in Baku later today before traveling to Armenia on Thursday.
The visit is her first to the South Caucasus since Armenia and Azerbaijan signed a peace agreement.
