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Maroš Šefčovič Warns China to Deliver Concrete Results by October Deadline to Address Trade Deficit

Maroš Šefčovič, the European Commission's trade chief, warned that China must deliver "concrete results" by an October deadline to address the bloc's record trade surplus. If negotiations do not produce significant progress, the European Union may implement harsher retaliatory measures. To address the increasing trade deficit and concentration dependencies in strategic sectors, the European Union is drafting a "diversification instrument" to reduce reliance on China. The administration also plans to curb the oversupply of Chinese industrial goods and limit Chinese takeovers of European companies. Šefčovič stated that the negotiations are currently of unprecedented intensity. He plans to hold a video call with his Chinese counterpart, Wang Wentao, in mid-September, followed by a visit to Beijing in October. The goal is to secure a proof of concept for a deal that rebalances the trade relationship, particularly in sensitive areas such as cars, medical devices, and agri-food products.

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