Creating an open market and promoting free and fair global trade, while also protecting itself from unfair practices, are founding principles of the EU, the bloc’s vice president said.
European Commission Executive Vice President Valdis Dombrovskis in Shanghai. / Photo: Reuters
The bloc posted record bilateral trade with China last year, but it is"very unbalanced", Dombrovskis said on Saturday in a speech at the annual Bund Summit conference in Shanghai, citing a trade deficit of almost 400 billion euros . He arrived just over a week after the European Commission said it would investigate whether to impose punitive tariffs to protect European producers from cheaper Chinese electric vehicle imports it says are benefiting from state subsidies.
Citing the bloc's trade deficit as an example, he added"the EU also needs to protect itself in situations when its openness is abused."
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