China’s commerce ministry has warned the European Union it will ‘respond firmly’ if the bloc introduces restrictions on Chinese businesses or products. The statement comes ahead of high-level trade talks in Beijing as the EU seeks to reduce its record trade deficit with China by October. Germany and France are finalizing a joint paper calling on the European Commission to develop a tool to ‘cut China off from the European market within 24 hours’, mirroring the U.S. Section 301 tariff approach. Despite these tensions, the EU remains China’s top trading partner when including services, with combined trade of 880 billion euros last year.
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