China agrees to curb hybrid car exports to the EU after Beijing talks

China has agreed to moderate its exports of hybrid and plug-in hybrid cars to the EU, which EU trade commissioner Maroš Šefčovič said could cut them by more than half. He announced it on Friday in press remarks in Beijing, after the second round of EU-China trade and investment consultations.

“It is unsustainable and it demands a credible path to rebalancing,” Šefčovič said of the EU’s trade deficit with China.

He called the results three “shared understandings”. China will also cut its tariffs on some EU goods, including car parts, olive oil and footwear. Those exports are worth almost €4bn, and the cuts would save at least €225m in duties.

China will further ease export licensing for rare earths and permanent magnets, Šefčovič said.

No volumes or timeline yet

The Commission has not published a written agreement. Its statement gives no volumes, timeframe or mechanism for the cut in...

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