Europas Wirtschaft unter Druck: EU droht Handelsdefizit-Rekord mit China

The European Union is facing economic pressure due to a potential new record trade deficit with China. After a European Union ministerial meeting in Dublin, Trade Commissioner Maros Sefcovic revealed that if current trends continue by the end of the year, the trade deficit with China could surpass the previous record set in 2022, which stood at 397 billion euros.

Sefcovic stated, "Our trade deficit with China reached nearly 197 billion euros in the first half of this year." To achieve more balanced trade relations, the EU Commission plans to request guidance from national leaders in the coming weeks and develop new tools to address imbalances, while also utilizing existing EU instruments and continuing dialogue.

Sefcovic announced that the EU will convene another meeting with Chinese counterparts next month. In December, the EU intends to propose new trade protection instruments, starting with China's acceptance of a reduction in exports of hybrid cars to Europe. According to Sefcovic, the EU expects China's shipments to shrink to less than half of the previously anticipated volume over the next four years.

The significant trade deficit is unsustainable for the EU because it is primarily due to excessive and widespread subsidies, currency manipulation, and competitive disadvantages of domestic companies in China. If Chinese imports become increasingly displacing domestic production, jobs and entire industries could face pressure. Sefcovic, speaking at a ministerial meeting organized by the Irish EU presidency, described recent developments in trade relations with the United States as significantly positive.

He shared the ministers' assessment that relations and trade had largely stabilized, and the trade deal agreed upon in Turnberry last year was functioning well. The EU is committed to implementing the joint declaration between the EU and the US, particularly in terms of reducing tariffs, energy purchases, and investments, which even goes beyond the agreed-upon targets.