EU-China Trade Deficit Hits 'Tipping Point', Warns von der Leyen

European Commission President Ursula von der Leyen has warned that the EU's trade deficit with China has reached a critical point. In her State of the Union speech, she stated that the deficit stands at €1 billion euro per day, leading to de-industrialisation in Europe's industrial heartlands. Von der Leyen emphasized the need for a dialogue with China to rebalance trade, but stressed that this dialogue must lead to concrete results. Brussels is engaged in intense talks with Beijing, with the EU's trade chief set to speak with his Chinese counterpart and a team of senior trade officials expected in Beijing next week. The EU is under pressure to deliver results by an October summit of EU leaders, including on trade defense instruments against subsidised Chinese exports. Von der Leyen vowed to use all available tools to rebalance the relationship, prioritizing deeds over words.