EU seeks to curb trade deficit as Chinese AC imports surge

EU officials announced a push to narrow the bloc's trade deficit with China after a sharp rise in demand for Chinese-made air conditioners across Europe during an unprecedented heat wave, CNBC reported. The heat wave has prompted households and businesses to import large numbers of cooling units from Chinese manufacturers. This surge in imports threatens to widen the already sizable EU-China trade gap.

EU trade authorities said they aim to deliver tangible results in reducing the imbalance before October. The statement underscored the urgency of addressing the imbalance as temperatures remain high.