Germany aims to block new EU tariff policy; Economy Minister to visit China next week.

Germany hopes to block or Which country has a large foreign exchange trading marketat least soften the new EU tariffs on Chinese electric vehicles, Bloomberg reported on Friday.

The government of German Chancellor Olaf Scholz had previously warned that these tariffs could harm global trade and proposed negotiations between the EU and Beijing by early July to seek a "friendly" solution.

German Economy Minister Robert Habeck will travel to China next week as part of efforts to reach a solution.

The European automotive industry had warned against the tariffs, as German car manufacturers are the most affected. Data shows that nearly one-third of their 2023 sales came from China.

Scholz's spokesperson said at a briefing earlier this week: "From our perspective, reaching a friendly solution is highly desirable. We don't need more trade barriers; we need to promote global trade."

"However, fairness must be maintained and achieved. Therefore, the European Commission and China must now discuss this. We also encourage all participants in these negotiations to engage actively."

According to the state-backed Global Times, as a further sign of escalation, Chinese companies have now formally applied for an anti-dumping investigation into pork imports from the EU.

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