The EU Toughens Up on China is among the main developments being tracked today. Beijing’s cancellation of two high-level meetings ahead of an EU leaders’ summit is the latest sign of tensions.
China canceled two high-level meetings with the European Union scheduled for later this month in Beijing, the Financial Times reported, citing unnamed European officials.
The move, which comes ahead of an EU leaders’ summit next week where proposals for toughening the bloc’s approach to China are on the agenda, is the latest sign of tensions between the two global trade behemoths.
The primary source of contention is an intractable trade imbalance.
China currently exports roughly $1.15 billion more per day than it imports from the EU, with significant impacts on European manufacturers, particularly in the automobile and green tech sectors.
Where those two sectors overlap, in the form of electric vehicles, cheap Chinese models have flooded the European market, squeezing out the significantly more expensive alternatives from European companies.
For global coverage, the impact can extend to diplomacy, trade routes, energy prices, Indian citizens abroad, multilateral institutions and the way governments coordinate during a fast-moving situation.
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