China and the EU agreed on an October deadline to make progress on resolving trade disagreements.
Europe is grappling with what analysts have dubbed “China Shock 2.0” — a tsunami of Chinese exports that threatens deindustrialization.
Adding to its woes are reports that Volkswagen is planning mass layoffs and factory closures, part of a wave of consolidation among European carmakers hit by Chinese brands’ expansion into the continent and a sharp sales slump in China.
EU leaders have agreed to expand the bloc’s arsenal of defensive trade tools as China’s trade surplus keeps growing. “Not everything will be solved,” the EU’s trade chief said after meeting his Chinese counterpart on Monday, but there’s time to deliver “tangible results.”
