EU Says China Trade Understanding Could Cut Hybrid Exports by More Than Half

European Trade Commissioner Maroš Šefčovič said on October 9 that an understanding with China to moderate hybrid and plug-in hybrid vehicle exports to the EU opens the prospect of reducing them by more than half. Another understanding concerns lower tariffs on EU goods including car parts, olive oil and footwear, covering nearly €4 billion in current exports with potential duty savings of at least €225 million. The sides also agreed on further facilitation of Chinese export licensing for rare earths and permanent magnets. Šefčovič said EU leaders would assess the outcomes and next steps at the upcoming European Council, where the final decision lies.