China Strikes Back: EU-China Trade Tensions Escalate Over Medical Devices
China's finance ministry announced restrictions on government purchases of EU medical devices exceeding 45 million yuan, retaliating against EU's similar curbs. The measure is part of escalating trade tensions, including tariffs on Chinese electric vehicles and brandy from the EU. Reciprocal actions were expected following EU's market access policies.
China's finance ministry declared on Sunday that it will limit government acquisitions of medical devices from the European Union valuing over 45 million yuan. This move comes as a response to the EU's recent restrictions aimed at Chinese companies.
The geopolitical friction has intensified with the European Union imposing tariffs on Chinese electric vehicles, and China subsequently instituting duties on brandy imports from the EU. EU's measures stemmed from its International Procurement Instrument to promote reciprocal market access.
China has pledged counteractions after accusing the EU of building protectionist barriers. In addition to medical device restrictions, China announced duties on EU brandy, predominantly affecting French cognac. These trade dynamics set a tenuous backdrop ahead of a leaders' summit scheduled for July.
(With inputs from agencies.)
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