China Retaliates Against EU with Purchase Restrictions on Medical Devices
China's Ministry of Finance announced a restriction on government purchases of European Union medical devices worth more than 45 million yuan, in response to the EU's new trade barriers and tariffs. This development marks another escalation in trade tensions between the two economic powerhouses.
Tensions between China and the European Union have escalated as China's Ministry of Finance declared new restrictions on purchasing EU-made medical devices costing more than 45 million yuan.
This move is a direct counteraction to the EU's previous imposition of curbs on Chinese products, asserting that EU companies are denied fair market access in China. These economic tit-for-tats come amidst the larger backdrop of recent EU tariffs on Chinese electric vehicles.
In an added twist, China will also limit imports of medical devices from other nations if they include over 50% of components made in the EU. This escalation comes just before a scheduled leaders' summit set for July, casting a shadow over diplomatic engagements between the world's second and third-largest economies.
(With inputs from agencies.)
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