A proposed overhaul of the EU's cybersecurity rules could cost the European Union nearly €367.8 billion over five years if Chinese suppliers are forced out of key sectors, according to a joint report published by the China Chamber of Commerce to the EU (CCCEU) and KPMG.

On April 30, the Federal Communications Commission (FCC) voted to advance a proposal to ban Chinese labs from testing and certifying electronic devices in the U.S. market. The vote was met with immediate opposition from Beijing.

Last month, an Advocate General advisory opinion in a case before the Court of Justice of the European Union (CJEU) found that the Estonian government could compel a European company to remove Huawei products from its network, on the basis of national security concerns.

At today's press conference, China's Ministry of Commerce (MOFCOM) spokesperson He Yadong addressed several issues affecting international trade relations: Drone exports to the U.S. and Europe, Australian lobster imports, and U.S. efforts to remove Chinese telecom equipment.

A recent report reveals that China is phasing out U.S. chips in its telecom system, a move likely driven by the broader U.S.-China technology rivalry, as both sides seek to bolster the security of their technology supply chains.

China's Ministry of Industry and Information Technology (MIIT) announced last week that the government will open up foreign investment in the value-added telecommunication business in some cities as pilot projects.

Earlier this week, the U.S. House of Representatives passed a bill that would "direct the President to develop a strategy to eliminate American technologies capable of supporting undersea cables from falling into the hands of our adversaries."