Touchdown in Beijing: EU Trade Chief Maroš Šefčovič landed in China yesterday with a crucial task in hand: secure commitments from the Chinese to rebalance the trading relationship. The stakes couldn’t be higher, my colleague Peggy Corlin writes in this morning. The EU faces a record €1 billion-a-day trade deficit with Beijing, with low-cost Chinese imports threatening entire sectors of EU industry.
Curbing Chinese imports: Brussels is pushing for product quotas that could curb Chinese imports into the EU, but Beijing has already rejected so-called “voluntary export restrictions” on EVs. The European Commission must also find a way to rebalance trade while securing EU businesses’ access to rare earth imports.
