Beijing warns of retaliation if Europe imposes curbs on Chinese businesses
China must "respond firmly" if the EU introduces restrictions on Chinese businesses or products, the Commerce Ministry said, according to a CNBC translation.
TL;DR
- China's commerce ministry has issued a strong warning to the EU ahead of upcoming trade talks.
- Beijing stated it will "respond firmly" if the EU introduces restrictions on Chinese businesses or products.
- Such actions would "seriously undermine mutual trust" and "disrupt" negotiations.
- The EU aims to reduce its trade deficit with China by October, with "harsher measures" threatened if no "concrete results" are achieved.
- Europe is considering measures to limit China's access to the bloc, potentially mirroring the U.S. Section 301 tariff approach.
- The EU's trade deficit with China is the largest in the world, surpassing that of the U.S.
- When including services, the EU is China's top trading partner, with a combined trade of nearly $1 trillion last year.