China urges EU to create trade alliance against US

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China urges EU to create trade alliance against US

July 04, 2018 - 10:45
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China strongly urges European Union to issue joint statement against US protectionist trade policy at summit that will take place later this month, Reuters reports. This request, however, did not get support from European leaders.

Photo © PIRO4D, CC0 1.0

China strongly urges European Union to issue joint statement against US protectionist trade policy at summit that will take place later this month, Reuters reports. This request, however, did not get support from European leaders.

China offers to created alliance between two economic centers, and in exchange it promises to open Chinese market to investments of European companies.

One of proposals also included preparing mutual action plan at World Trading Organization. However, EU, being the largest trade bloc in the world, rejected to do that ahead of Sino-European summit in Beijing on July 16-17. Instead, there will be small message confirming desire of both parties to create multisided trade system and working groups to improve relationships within WTO.

Despite of introduction of US tariffs to European export, that hurt automobile industry of EU, Brussels agrees with Washington that China closed its markets too much and now uses it as a method of manipulation in global trade.

So, EU agrees with US accusation towards China, however, it does not agree with the method that US uses to combat.