European trade commissioner Maroš Sefčovič announced that China has agreed to reduce its hybrid car exports to the EU by 50%. This decision comes after Europe urged China to voluntarily cut these exports, although initial requests were reportedly dismissed by Chinese authorities.
The trade surplus between the EU and China has been a contentious issue, prompting calls from Germany and France for Brussels to create a 'last-resort' trade instrument to manage these imbalances. Sefčovič characterized the recent discussions with China's Commerce Minister Wang Wentao as a constructive first step, especially following a summer marked by escalating tensions.
Additionally, China's Commerce Ministry outlined 16 'consensus outcomes' from the talks, which included export licenses for rare earth materials to the EU, although no specific timeline was provided for these exports. The next meeting between the two parties is scheduled for March, with a preliminary video conference planned for January