EU, China to hold Beijing talks to avert trade war
EU trade chief Maros Sefcovic is traveling to Beijing for high-stakes meetings aimed at addressing trade imbalances and preventing a potential trade war. The EU is concerned about unfair competition from Chinese high-tech manufacturing, while China has threatened retaliation against new EU trade defense measures.
Why it matters
The outcome of these talks could significantly impact global trade relations and the future of European industrial protectionism.
Brussels toughened its stance towards Beijing to defend businesses from what it believes is unfair competition in critical sectors including cars (-) EU trade chief Maros Sefcovic will head to Beijing on Thursday for two days of make-or-break meetings with Chinese officials to try to stave off a trade war.
The European Union has toughened its stance towards Beijing to defend businesses against what it believes is unfair competition in critical sectors including cars.
Increasingly European leaders and observers warn of a "China Shock 2.0", used to describe Chinese firms' shift into more high-tech manufacturing, which is threatening many traditional EU industries.
The first shock in the early 2000s saw a glut of cheap, more low-tech exports from China hurt manufacturers not just in Europe but around the world.
EU and Chinese officials have been locked in talks since June to address Brussels' concerns about the current trade imbalance.
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