France and Germany want Brussels to restrict market access within days
Emmanuel Macron and Friedrich Merz are urging the European Commission to create a rapid-response trade tool, likely aimed at distortions associated with China. The proposal would let the Commission restrict access to the EU single market unless a qualified majority of member states blocks it, giving European industries a faster defence against trade pressure.
Bottom line — The proposal still needs approval from EU governments and the European Parliament before Brussels can use the new powers.
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Reuters reports that the proposal highlights dumping, widespread subsidies and restrictions on currency convertibility, without naming a target country.
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France 24 says the EU’s goods trade deficit with China was about €360 billion last year.
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The Franco-German paper also calls for a tool to reduce companies’ reliance on single sources for critical supplies, according to Reuters.
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Reuters reports that chemicals, PET and hybrid vehicles are among the imports the document identifies for urgent attention.
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Euronews reports that Paris and Berlin also want the EU to assess potential retaliation and its effects on individual member states.
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Traders Union notes that some EU diplomats doubt new powers will help, arguing the bloc already has an unused Anti-Coercion Instrument.