China and the European Union are holding consultations aimed at strengthening trade and economic relations in response to the increased U.S. customs tariffs. According to Reuters, this was reported by China’s Ministry of Commerce.

Specifically, during a video call, Chinese Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security Maroš Šefčovič discussed resuming negotiations on trade preferences, as well as reaching an urgent agreement on the pricing of Chinese electric vehicles.

Wang told Šefčovič that China is ready to deepen trade, investment, and industrial cooperation with the European Union.

According to Wang Wentao, China and the EU must jointly protect the multilateral trade system based on clear rules, continue trade liberalization and the simplification of procedures — all of which would bring greater stability to the global economy and trade, and help avoid uncertainty. According to the Chinese Ministry of Commerce, both sides agreed to strengthen cooperation within the framework of the World Trade Organization and to work together on its reform.

In October of last year, the EU imposed an additional tariff of 35.3% on Chinese electric vehicles, on top of the existing standard 10% duty. Last week, it was announced that the two sides had agreed to resume negotiations on minimum pricing commitments for Chinese EVs.

For reference: On April 9, U.S. President Donald Trump announced a 90-day suspension of new customs tariffs for 40 countries, while tariffs on Chinese goods were raised to 125%.