The European Commission will urgently expand its existing “toolbox” with new measures to address the large trade imbalances with China, according to a draft of the summit conclusions seen by TT.
“The European Council assessed global macroeconomic imbalances and calls on the Commission to continue to conduct result-oriented dialogues, use EU instruments effectively and urgently strengthen the EU toolbox with new instruments to better address these imbalances,” the draft states.
China, which describes the deal on hybrid cars as a one-time concession, has already warned it could take countermeasures if the EU creates new trade barriers.
