EU, China to hold talks in Beijing to avert trade war
EU trade officials are traveling to Beijing for high-stakes meetings aimed at preventing a trade war amid concerns over unfair competition and high-tech manufacturing. While Brussels seeks to address a significant trade deficit, experts remain skeptical about the potential for a major breakthrough.
Why it matters
The outcome of these talks could reshape trade relations between two of the world's largest economies and impact global supply chains.
BRUSSELS: 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 toward 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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