EU, China start 3-month talks to address €360bn trade deficit
The European Union and China have just started three months of talks to fix the European Union's huge €360 billion yearly trade deficit with China.
This move follows some recent tension over new EU rules on Chinese imports, but both sides now say they're ready to rebalance things and strengthen their partnership (their first joint statement together since 2019).
Talks cover export controls, IP rights
These talks will dig into big topics like export controls, intellectual property rights, and possible changes to global trade rules.
They're also setting up a system to spot sudden spikes in imports or exports; if things get out of hand, both sides promise quick action.
EU leaders have warned that another "China Shock" could hurt local industries if nothing changes, so these discussions are all about keeping trade fair and protecting jobs at home.