Brussels: European Union trade ministers convened to evaluate the EU’s trade dynamics with the United States, setting the stage for future strategic endeavors.

According to Emirates News Agency, the ministers seized the opportunity to scrutinize the impacts of the newly imposed US tariffs and to explore avenues for negotiating mutually agreeable resolutions, which the EU continues to favor.

In response to the US tariffs on steel and aluminum, currently under formulation, the ministers also deliberated on the likelihood of implementing further proportional countermeasures if deemed necessary. The European Commission, alongside member states, plans to meticulously examine any prospective US measures, including the recently announced 20% tariff on the EU, to ensure the EU’s strategy remains balanced and effective. The objective is to safeguard the EU’s economic interests while remaining open to mutually beneficial solutions.

The Council also reviewed the current scenario and anticipated outlook of EU-China trade relations. Maro€š¬…¡¬¦¡ €š¬…¡¬¦ efcovic, the Commissioner for Trade and Economic Security, provided an update to the ministers on the EU’s trade relations with China following his recent visit. His discussions with Chinese officials, including Vice Premier He Lifeng and Minister of Commerce Wang Wentao, emphasized improving and rebalancing trade and investment ties between the two entities.

China stands as a crucial trading partner for the EU, ranking as the EU’s third-largest trading partner and second in trade in goods. However, persistent trade imbalances pose significant concerns. The EU-China trade deficit for 2024 stood at £304.5 billion, a decrease from the 2022 figure of £397 billion, yet still a record high in volume. In the same year, Chinese foreign direct investment (FDI) into the EU soared to its highest in five years at £185 billion, while EU FDI in China remained stable at £184 billion.