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China and Europe agree to halve hybrid car exports
China and the European Union have reached an agreement to reduce Chinese hybrid vehicle exports to the bloc by more than half over the next four years, aiming to correct a trade deficit that exceeds one billion euros daily and to ease the pressure on the European automotive industry, which has been affected by the influx of low-cost vehicles from China. Beijing has also agreed to facilitate the export of rare metals and to lower tariffs on European goods worth approximately 4 billion euros, resulting in immediate gains for European auto company stocks. This agreement marks an initial step toward restoring balance in the economic relationship between the two sides and will be discussed by EU leaders at their upcoming summit.
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