24 Hrs
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الاقتصادية
Europe plans to broaden China trade restrictions
The article discusses the European Union's attempt to impose restrictions on its imports of Chinese cars, particularly hybrid vehicles, in an effort to reduce the record trade surplus with China, which reached $34.8 billion last month. The bloc and China reached an agreement to set a cap on hybrid vehicle imports at 350,000 cars annually starting from December, which would decrease China’s European sales by 1.5% and cut its global exports by 0.2%. However, the EU plans to expand these restrictions to other sectors such as the chemical industries and mechanical engineering, amid concerns over escalating trade conflicts and the potential violation of World Trade Organization rules. The bloc faces challenges in limiting imports without provoking a possible Chinese reaction. The goal of the agreement is to reduce Europe’s trade deficit with China and avoid further escalation, while negotiations continue cautiously to prevent intensifying the dispute between the two sides.
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