05:03 AM EDT, 10/16/2026 (MT Newswires) -- The European Union is said to be considering taking on new powers that could cut access to the bloc's single market for countries seen as harming its economy, Bloomberg News reported Thursday. EU leaders asked the European Commission to come up with a proposal by 2026-end on new trade powers that would warrant drastic measures in extreme cases, such as if China engages in "certain unfair trade practices," Lithuanian President Gitanas Nausėda told reporters on the sidelines of a summit held the same day. The commission did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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