BRUSSELS — The European Union and China agreed on Monday to establish a new high-level consultation mechanism to manage growing commercial tensions and address the bloc’s widening trade deficit with Beijing. Trade Commissioner Maroš Šefčovič said after meeting Commerce Minister Wang Wentao in Brussels that the EU and China are launching a Trade and Investment Consultation Mechanism to tackle the economic imbalances that Brussels says are battering European industry . Šefčovič added he would