China and the European Union have discussed strengthening economic and trade cooperation in response to US tariffs, the Chinese Commerce Ministry said on Thursday.
In a video conversation on Tuesday, China’s Commerce Minister Wang Wentao addressed with European Trade and Economic Security Commissioner Maros Sefcovic the resumption of trade talks and the early commencement of negotiations on electric vehicle price promises, according to a Chinese ministry statement.
The chat occurred shortly before US President Donald Trump’s extra tariffs on China went into force.
In a surprise turnaround, Trump announced on Wednesday that he would temporarily drop the high tariffs he had just imposed on dozens of countries. He, however, increased pressure on China, threatening to hike tariffs on the world’s second largest economy to 125%.
Wang told Sefcovic that China is willing to expand trade, investment, and industrial cooperation with the European Union.
Wang urged China and the EU to work together to protect the rules-based multilateral trading system and promote trade liberalization and facilitation, which “will inject more stability and certainty into the world economy and global trade,” according to a ministry statement.
China and the EU also discussed improving the business environment for firms and trade transfer challenges.
According to the ministry statement, they would continue to increase communication within the framework of the World Trade Organization and work together to advance WTO reform.
At the end of October, the EU levied additional duties of up to 35.3% on China-made electric vehicles as part of an anti-subsidy inquiry, in addition to the bloc’s usual 10% car import tariff.
The trade ministry announced last week that the two sides had agreed to reopen negotiations on minimum pricing guarantees for Chinese EVs, but did not indicate when they would resume.