EU and China strike interim trade deal that could cut Chinese hybrid exports, EU envoy says
The deal could cut Chinese hybrid car exports to the EU by more than half and eases tariffs on nearly $4 billion in European goods.
- On Friday, European Trade Commissioner Maros Sefcovic and Chinese Commerce Minister Wang Wentao reached a deal in Beijing to moderate Chinese exports of hybrid and plug-in hybrid vehicles to the European Union.
- European Commission President Ursula von der Leyen warned lawmakers last month that the trade gap reached a "tipping point," as Chinese exports to the EU totaled $560 billion last year while EU imports were $268.3 billion.
- Negotiators also agreed to reduce Chinese import duties on $4.5 billion worth of EU goods, including car parts and olive oil, while simplifying export licenses for rare earths and permanent magnets essential to advanced manufacturing.
- The agreement requires approval from leaders of all 27 EU nations, who will discuss the outcome at their summit in Brussels on Thursday, October 15.
- Sefcovic projected the deal could cut Chinese hybrid exports by more than half over a four-year period, with both sides committing to maintain communication and meet again next March.
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79 Articles
The trade balance between China and the EU is completely unbalanced. That is why the EU has been struggling to reach agreements with China that will ensure a more balanced solution. The first sod was turned on Friday, but there is a long way to go, the correspondent highlights.
The agreement is expected to ease trade tensions and cheer European manufacturers.
EU, China strike interim trade deal that could cut Chinese hybrid exports, EU envoy says
HONG KONG — The top trade envoys for China and the European Union agreed Friday on a broad initial deal following two days of talks aimed at calming escalating tensions over trade imbalances, the EU trade commissioner said. Neither side provided clear details on the preliminary deal, but European Commissioner for Trade Maros Sefcovic said it includes lower tariffs for some European goods to China as well as measures to stabilize rare earth suppl…
China agreed on Friday to "moderate" the flow of hybrid vehicles into the EU, according to EU Trade Commissioner Maros Sefcovic. This decision could stop the arrival of millions of Chinese vehicles on the European market in the coming years. - Hybrid car: China agrees to contain its exports to the EU, according to a European Commissioner (Economy).
EU Trade Commissioner Maros Sefcovic and his Chinese counterpart Wang Wentao have averted an escalation of the trade dispute for the time being, but it is no more than a start.
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