Source: European Commission (video statements)
The European Union and China have reached an agreement meant to rebalance the trade between Europe and China.
It includes curbing Chinese hybrid car exports to the EU, lowering Chinese tariffs on EU goods and improving export licensing for rare earths and permanent magnets.
The proposed car measures could reduce projected hybrid and plug-in hybrid exports by more than 50% over four years compared with a no-change scenario. Implementation remains subject to EU leaders’ endorsement and further procedures.
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