China Agrees to Reduce its Exports of Hybrid Vehicles to the EU
The yawning trade gap between China and the European Union has produced its first concrete diplomatic response, with European Trade Commissioner Maros Sefcovic announcing a deal in Beijing on Friday that would reduce projected Chinese hybrid and plug-in hybrid shipments to the bloc by over half during a four-year window. Sefcovic said the agreement would put a meaningful brake on the volume of Chinese hybrid vehicles flowing into European markets, though he offered no specifics on how the curbs would be enforced. He described the outcome as a strong result for both sides, saying it would stop several million vehicles…