VDL: Trade deficit with China at tipping point

 European Commission President Ursula von der Leyen told the European Parliament on Wednesday that the European Union's trade deficit with China has "reached a tipping point."

In her annual state of the union address, Von der Leyen warned that the current state of trade with China is "unsustainable" and noted the bloc is in discussions to "rebalance" trade. She pointed out that an agreement on the matter would be in the interest of both sides, as China is facing weaker domestic demand and needs the European market.

The Commission president insisted Europe plans to use all tools at its disposal to rebalance the economic relations with China, saying that "words are good, but deeds are better." She also warned that Europe is still "too dependent" on China when it comes to critical raw materials and needs to diversify.

https://breakingthenews.net/Article/VDL:-Trade-deficit-with-China-at-tipping-point/67114629