EU Reaches Agreement with China on Automotive Trade

As imports of low-cost Chinese goods increasingly threaten various sectors of European industry, the EU’s trade deficit with China has reached a record €1 billion per day.

In response, Brussels has begun pressing Beijing for a fundamental rebalancing of trade relations.

EU Trade Commissioner Maroš Šefčovič announced that an agreement had been reached with China to limit exports of Chinese-made hybrid vehicles to the EU by more than 50% and facilitate access to rare earth elements.

Šefčovič said the agreement would also improve access to the Chinese market for a range of EU products, from automotive parts to olive oil and footwear. He noted that the current export value of these products amounts to approximately €4 billion.

Source: Euronews