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Europe wants to rebalance trade with Beijing, but can't quit Chinese air conditioners
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- The European Union and China released a rare joint statement on Monday aimed at balancing trade between the two economies and addressing market access issues.
- The two sides agreed to set up a bilateral working group to monitor trade flows, with "reassurance" from Beijing that existing export controls on rare earths and permanent magnets will not disrupt EU supply chains.
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Europe wants to narrow its record trade deficit with China by October, but the bloc's worst-ever heat wave is driving unprecedented demand for imports of Chinese-made air conditioners, a telling tale illustrating how hard it will be for Brussels to address the trade imbalance.
The European Union and China released a rare joint statement on Monday aimed at balancing trade between the two economies and addressing market access issues.
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