EU Trade Commissioner Aims to Restore EU-China Trade Balance
The European Union's Trade Commissioner, Maroš Šefčovič, has been striving to achieve tangible results in ongoing trade negotiations with China, after it became clear that the EU's trade deficit with China amounts to around one billion euros daily, rendering it unsustainable. The negotiations, which have lasted three months, are focused on restoring balance in trade and investment exchanges, as well as limiting the flow of low-cost Chinese products that have harmed European industries and led to thousands of job losses. Europeans face challenges related to potential retaliatory responses from China, but they are leveraging China's slowdown in demand and its dependence on exports as pressure tools to secure balanced economic concessions.
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