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EU commits to cutting trade deficit with China
European Commission President Ursula von der Leyen confirmed that the European Union will utilize all available tools to restore balance to its trade relations with China, after the trade deficit in goods with Beijing reached nearly one billion euros daily last year. She pointed out that the trade imbalance has reached a turning point, especially with pressures from its industrial sectors, and pledged to take concrete steps to reduce the deficit by October 2026. Additionally, the bloc announced its intention to establish a European agency to safeguard critical raw materials, particularly rare earth elements, to ensure the supply needs of member states are met.
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