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Beijing warns of retaliation if Europe imposes curbs on Chinese businesses
CNBC • • world
Key Points:
- China's commerce ministry has warned the European Union that it will "respond firmly" if the EU imposes restrictions on Chinese businesses or products amid ongoing trade talks.
- The ministry stated such restrictions during negotiations would "seriously undermine mutual trust" and disrupt the trade discussions between China and the EU.
- The EU aims to reduce its record trade deficit with China by October, with EU Trade Commissioner Maroš Šefčovič demanding "concrete results" from Beijing or threatening "harsher measures."
- European countries, including Germany and France, are reportedly preparing a plan to enable the EU to quickly restrict Chinese market access, potentially mirroring the U.S. Section 301 tariff strategy.
- Despite ASEAN surpassing the EU as China's largest trading partner in goods, the EU holds the world's largest trade deficit with China, recently exceeding that of the United States.
