business
EU Sets October Deadline for Trade Results With China
EU Trade Commissioner Maroš Šefčovič said teams have a mandate to deliver concrete outcomes by October after Monday talks in Brussels. The EU faces a record trade deficit with China of €1 billion a day.
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Germany’s trade minister also met Chinese officials the same day and called for a level playing field in bilateral commerce.
Šefčovič told reporters the EU’s trade deficit with China has reached a record €1 billion a day across the bloc. He described the day’s discussions as intensive, focused, and constructive. Access to the EU market has tightened for Chinese firms after the European Commission introduced a March bill that favors European-made goods in public procurement.
Last autumn’s figures showed Germany’s own trade deficit with China hit a record €87 billion. German officials had previously hesitated to adopt a harder line to protect domestic companies’ market access. Competition from Chinese manufacturers has grown intense for Germany’s automotive sector, which has announced more than 100,000 job cuts planned over the coming years.
EU leaders have asked Commission President Ursula von der Leyen to examine existing trade defense tools and consider new ones. Officials are developing a diversification mechanism to help companies broaden their supplier base. A separate solidarity mechanism is also under study to assist member states most exposed to Chinese competition.
