EU Parliament and Commission Seek New Trade Defense Instruments
What happened
The European Parliament and European Commission are currently seeking approval for new trade defense instruments and measures for the European Union bloc. These tools are intended to allow the bloc to respond to countries that allegedly harm its economy through practices such as widespread subsidies, dumping, and currency convertibility restrictions. The push for these measures was championed by France and Germany.
From dailysabah.com
Why it matters
The new instruments aim to address what leaders say are systemic and persistent market distortions that jeopardize the European economy and its industrial base. The Commission is tasked with proposing new tools to help the bloc diversify and secure its economic interests.
The European Commission's plan requires formal endorsement from the European Parliament.
From dailysabah.com
Who's involved
- European ParliamentThe legislative body responsible for scrutinizing and approving trade policy proposals.
- European CommissionThe executive branch tasked with proposing and implementing the trade defense instruments.
- ChinaA country cited as being the subject of market distortions the new tools aim to address.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- ChinaSpeculative
China could face increased scrutiny and potential limitations under the new trade defense tools.
How it developed
Newest first. Tap a step to see who reported it.- The European Union has implemented trade measures targeting steel imports to address global overcapacity.Sub-event
The bloc is seeking trade defense tools and new trade measures.1 source
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The entities involved
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European Parliament
parliament of the European Union directly elected by the citizens of the Union
- Advocacy groups are urging the European Parliament and Commission to prioritize SME issues, pushing for rapid advancement of Omnibus proposals and executive responsibility.
- EU migration commissioner Magnus Brunner declared policy at the European Parliament while migrants traveled from Libya through Egypt towards Italy.
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European Commission
executive branch of the European Union
Related events
- EU leaders instructed the Commission to develop new tools to counter China-related economic imbalances.
- The European Commission is leading the push for trade policy shifts, imposing harsher trade measures against China.
- The European Commission secured an agreement to limit hybrid car imports as part of efforts to address the trade deficit with China.
- The European Commission is concerned about the unsustainable trade deficit with China, prompting the consideration of protective measures.
- The European Commission is preparing safeguard measures against Chinese imports flooding the European market.