Editorial & Advertiser disclosure
Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
EU Conservative Leader Urges Stronger Trade Stance Against China in Europe
Manfred Weber Calls for Tougher EU Trade Policy Towards China
ZURICH, June 7 (Reuters) – The head of the conservative European People’s Party in the European Parliament has called for a tougher European Union trade policy towards China, warning that Beijing’s industrial strength threatened parts of Europe’s economy, Bild am Sonntag reported.
Weber’s Warning on European Economic Threats
“The time of naivety is over,” Manfred Weber told the newspaper. “We must defend European interests more clearly, more firmly and more consistently.”
EU Trade Deficit and Industrial Concerns
• Weber, a senior figure in Germany’s CSU party, said the EU’s trade deficit with China, which he put at almost €1 billion ($1.15 billion) a day, was no longer sustainable and endangered Europe’s industrial base and high-quality jobs.
Potential Consequences for European Industry
• “Either we defend ourselves, or China will flatten parts of our industry,” he was quoted as saying.
Upcoming EU Summit and Policy Proposals
• His comments come ahead of an EU summit on June 18, where leaders are expected to discuss protective trade measures prepared by the European Commission, including tariffs.
Leveraging Market Access and Enforcing Standards
• Weber said Brussels should use China’s access to the EU single market as leverage to enforce fair competition and EU standards.
Development Projects and Technology Exclusion
• He also called for EU-funded overseas development projects not to be awarded to Chinese companies and proposed excluding China from Europe’s development of 6G technology, Bild am Sonntag reported.
($1 = 0.8681 euros)
(Reporting by John Revill; Editing by Kim Coghill)