China agrees to cut hybrid car exports to EU by 50%
Why it matters: The deal also covered rare earth and magnet export licenses, easing a major pressure point in EU-China trade ties.
China agreed to halve its exports of hybrid cars to the European Union, European Trade Commissioner Maroš Sefčovič said Friday after two days of talks in Beijing with Commerce Minister Wang Wentao. The move still needs approval from Brussels, but Sefčovič described the talks as a positive first step after a summer of rising tensions between the two sides. China’s Commerce Ministry separately published 16 “consensus outcomes,” including export licenses for rare earths and permanent magnets bound for the EU. European officials have pressed Beijing to curb hybrid shipments as the EU’s trade imbalance with China widened, and Germany and France had urged Brussels to prepare stronger trade tools if needed. The sides plan a video conference in January and another meeting in March.