News about trade deficit

European Commission President Ursula von der Leyen said the EU will propose further measures to curb imports from China, on top of an agreement to halve hybrid vehicle shipments to Europe, to reduce a goods trade deficit of more than 1 billion euros (US$1.12 billion) a day. EU leaders backed the move, and French President Emmanuel Macron said the bloc should focus on chemicals, plastics and ferrous alloys. The Commission plans to propose a new tool in December that would allow restricting access to the single market, along with a solidarity mechanism to support countries or industries facing unfair treatment or retaliation. Last year the goods trade deficit with China was 360 billion euros (US$410 billion), while total trade including services reached 880 billion euros (nearly US$1,000 billion).