Amid an escalating trade war with the United States, China is holding frequent conversations with the European Union (EU) and the Association of Southeast Asian Nations (Asean) – its two largest trading partners by bloc – with plans to address bilateral issues and forge stronger ties.
Commerce Minister Wang Wentao held a video call with EU Trade Commissioner Maros Sefcovic on Tuesday, during which both sides agreed to immediately begin negotiations on electric vehicle (EV) pricing and discuss investment ties in the auto sector, according to a statement released by China’s Ministry of Commerce on Thursday.
As of Thursday, additional US tariffs imposed this year on imports from China stood at 125 per cent – on top of previous tariffs estimated to average more than 10 per cent.
Before the latest 21 per cent increase in US tariffs, China had already decided to increase its retaliatory tariffs on US goods to 84 per cent from noon on Thursday.
The 27-nation EU also retaliated against the US, imposing tariffs as high as 25 per cent on American products.
China, the world’s second-largest economy, is also enhancing communication with its Southeast Asian trade partners to foster deeper cooperation.
On Wednesday, Wang had a video meeting with Malaysian Trade Minister Tengku Zafrul Abdul Aziz. Malaysia is the current chair of Asean.