- EU leaders meeting in Brussels asked the European Commission to develop a proposal for new trade powers by the end of the year, according to people familiar with the matter.
- The proposed powers would allow the EU to completely shut off access to its single market in an extreme case where a rival, such as China, is seen as attacking the EU's economy.
- The initiative is part of a push to cut the EU's trade deficit with China.
Quotes
“The powers would be deployed in an extreme case where a rival, such as China, was seen as attacking the EU’s economy.”
“EU leaders meeting in Brussels Thursday asked the European Commission, which handles trade matters for the bloc, to develop a proposal by the end of the year, according to people familiar with the matter.”