China agrees to ‘halve’ hybrid car exports to EU in landmark deal
Summary
The European Union and China have agreed on a deal to cut China’s exports of hybrid cars to Europe by about half. This deal aims to protect European car makers from losing jobs due to the large number of cheap Chinese cars being sold in Europe.Key Facts
- China will reduce its hybrid car exports to the EU by more than 50% over the next four years.
- Hybrid cars use both a regular engine and a small battery, seen as a step toward fully electric cars.
- The deal is the first time China agreed to lower exports without a prior trade fight.
- The EU has a large trade deficit with China, losing about €1.18 billion daily.
- This agreement follows months of intensive talks started in June.
- Both sides will keep negotiating on other trade areas like rare earth exports and food market access.
- China also agreed to help with export approvals for certain rare materials used by EU industries.
- The EU sees this deal as a first step to balancing trade and protecting European jobs in many industries.
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