EU Signals Tough Response to Trade Imbalances... China Vows Firm Retaliation
Chinese Ministry of Commerce:
"Seeking to Establish Trade and Investment Consultation Mechanisms"
The European Union (EU) has signaled a tough response to trade imbalances with China, prompting an immediate backlash from the Chinese side.
According to China's state-run Xinhua News Agency on May 30, China's Ministry of Commerce stated in a press release, "If the European side unilaterally introduces new trade measures and takes discriminatory actions, China will resolutely retaliate and take effective measures to protect its own interests."
The Ministry of Commerce added, "We hope that the European side will comply with World Trade Organization (WTO) rules, uphold free trade and fair competition, and firmly oppose protectionism and unilateralism."
The ministry further stated, "Communication channels between China and Europe are smooth," adding, "Both sides are seeking to establish mechanisms for trade and investment consultations and will continue related dialogue."
It continued, "We hope that the two sides will jointly implement the consensus reached by their leaders and appropriately handle differences and frictions through dialogue and negotiation," adding, "Through this, we hope to promote the stable and healthy development of China-Europe trade relations."
The Ministry of Commerce's statement on this day featured expressions that China frequently used against the United States when the trade war between China and the U.S. intensified last year.
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Previously, on May 29 (local time), the EU's Competitiveness Council under the European Commission issued a statement emphasizing, "Cooperation and dialogue with China, an important partner, will continue," but also stressed, "The current trade and investment relationship with China is not sustainable." The council pointed out, "As economic and security interests are becoming increasingly intertwined, a strong and consistent response is required in both areas," and announced that the issue of trade imbalances with China will be further discussed at the upcoming Group of Seven (G7) summit and the EU summit next month.
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