European trade commissioner Maros Sefcovic announced Friday that China has agreed to halve its exports of hybrid vehicles to the European Union. This announcement follows two days of negotiations with China’s Commerce Minister Wang Wentao in Beijing. The widening trade surplus between the EU and China has been a point of contention, with Germany and France having called for a last-resort trade instrument. Sefcovic specified that the final decision would still need Brussels’ approval. Both sides also released a list of 16 consensus outcomes, including licenses for rare earth and permanent magnet exports to the EU.
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