EU and China strike hybrid car deal as Brussels readies tougher trade steps
Beijing agreed to limit hybrid car exports and cut tariffs, while EU leaders prepare new measures against Chinese imports. Industry groups say the deal helps stability but leaves car parts unaddressed.
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What happened
The European Union and China reached a deal to curb imports of Chinese hybrid cars, after Chinese exports of cars and manufactured goods raised concerns in Europe. China says it is willing to keep talking with the EU, and Vice Premier He Lifeng told French presidential adviser Emmanuel Bonne that Beijing will maintain dialogue. EU leaders are now moving toward a tougher stance on Chinese trade practices.
Why it matters
Chinese automakers are expanding in Europe, and the French car suppliers association says the deal does not cover rising imports of car parts from China. The China Association of Automobile Manufacturers says the agreement has helped stabilise industry expectations and supply chains.
Timeline
- Oct 14, 2:19 AM ET: European leaders prepared to meet in Brussels to weigh future trade ties with China as its exports of cars and manufactured goods surged.
- Oct 14, 2:20 AM ET: China's commerce ministry said the new EU deal would let export growth continue after intensive consultations between the two sides.
- Oct 14, 4:07 AM ET: The chairman of the French car suppliers association called the hybrid car deal a positive step but said it does not address rising imports of Chinese car parts.
- Oct 14, 10:45 AM ET: Brussels planned new measures to tackle trade imbalances even after the surprise deal with Beijing on hybrid car imports.
- Oct 15, 12:46 AM ET: After Beijing responded to EU threats, Brussels moved to accelerate a crackdown on Chinese trade practices.
Coverage
- EU weighs new trade tools as China presses for restraint
- EU leaders back quick safeguards against Chinese chemical and machinery imports
- EU weighs tougher China trade steps after hybrid car deal
- Volkswagen chief presses EU for rules to counter cheaper Chinese brands
- China and EU reach 16 accords, easing rare earth export licences
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