EU vows to use all tools to reduce trade deficit with China

EU: The European Union is a political and economic union of 27 European member states that coordinates policies on trade, regulation, and foreign affairs. It acts as a single market and negotiates trade agreements collectively on behalf of its members. In this news, the EU is committing to deploy its full range of policy instruments to address its trade relationship with China. Ursula von der Leyen: Ursula von der Leyen serves as President of the European Commission, the EU's executive body responsible for proposing legislation and enforcing policies. She represents the bloc in international matters and delivers key addresses such as the annual State of the Union speech. In this news, she publicly outlined the EU's determination to rebalance its trade ties with China through decisive action. Trade Dialogue: The EU and China established new ministerial-level trade and investment consultations in June to seek concrete outcomes on imbalances and market access. October Deadline: The EU's trade commissioner is targeting tangible results from ongoing talks with China by October to rebalance the relationship. Critical Resources: The EU plans to create a dedicated corporation to procure and stockpile critical raw materials in response to supply chain dependencies.