Last week, political leaders in the EU debated taking stronger action to address trade imbalances with China, but ultimately put off deciding on a specific action until later in the year.

The EU is moving forward with new rules on steel to protect the EU market from "global overcapacity," a move likely to exacerbate trade tensions with China in the process.

Last week, China’s Ministry of Commerce (MOFCOM) placed seven European Union entities on its export control entity list for alleged arms sales to Taiwan. The move followed the European Commission sanctioning a new wave of Chinese firms for allegedly violating EU sanctions against Russia.

The European Union on Monday sanctioned two Chinese tech firms for cyberattacks that allegedly hacked tens of thousands of devices and critical infrastructure.

Social media platform TikTok is facing major new regulatory hurdles this week, as the European Union, Canada and the United States announced bans of TikTok on official devices.

At a meeting of the European Parliament's Committee on International Trade this week, members of Parliament, the EU Trade Commissioner, and a representative of the European Council all weighed in on EU-Taiwan trade and investment issues.