China and EU Reach Agreement to Curb Chinese Hybrid Vehicle Imports, Easing Seven-Year Trade Friction
Semafor reported on October 11 that China and the European Union have reached an agreement on minimum-price and quota arrangements for Chinese hybrid-vehicle exports to the bloc. The deal is the most significant compromise between Brussels and Beijing in the automotive sector since 2019 and is expected to ease trade tensions that intensified after the EU imposed countervailing duties on Chinese electric and hybrid vehicles. The framework is also expected to reopen market access for German automakers in China.