China pushing EU for anti-US alliance on trade - Reuters

Joshua Gibson FXStreet

As reported by Reuters, China is applying pressure on the European Union to issue a joint statement decrying US President Donald Trump over his current trade policies.

Key quotes

"In meetings in Brussels, Berlin and Beijing, senior Chinese officials, including Vice Premier Liu He and the Chinese government’s top diplomat, State Councillor Wang Yi, have proposed an alliance between the two economic powers and offered to open more of the Chinese market in a gesture of goodwill. One proposal has been for China and the European Union to launch joint action against the United States at the World Trade Organisation.

But the European Union, the world’s largest trading bloc, has rejected the idea of allying with Beijing against Washington. Instead, the summit is expected to produce a modest communique, which affirms the commitment of both sides to the multilateral trading system and promises to set up a working group on modernizing the WTO, EU officials said.

Chinese state media has promoted the message that the European Union is on China’s side, officials said, putting the bloc in a delicate position. The past two summits, in 2016 and 2017, ended without a statement due to disagreements over the South China Sea and trade.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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