Good news on the trade front: the European Union and China have officially made a breakthrough regarding hybrid vehicle imports. After a two-day trip to Beijing, EU Trade Commissioner Maros Sefcovic shared that both sides have agreed on a plan to better balance their trade relationship.
- EU Trade Commissioner Maros Sefcovic traveled to Beijing for high-level meetings.
- He sat down with China’s Minister of Commerce, Wang Wentao, to discuss trade tensions.
- The two sides reached an understanding to regulate exports of hybrid and plug-in hybrid cars.
- This agreement could potentially cut these specific imports into the EU by more than half.
While Sefcovic noted there is still more work ahead, this is a promising first step toward fairer trade.