The European Union has struck a historic agreement with China to sharply reduce the number of hybrid vehicles shipped to the bloc over the next four years, raising concerns about potential job losses in Europe’s automotive sector. Officials describe the deal as the first of its kind, emerging from prolonged negotiations aimed at addressing a growing trade imbalance between the two regions. The move follows rising tensions over China’s expanding market share in European car sales, which has contributed to a daily trade deficit of over a billion euros. The agreement marks a significant step in efforts to manage economic competition between the world’s two largest trading partners.
Brussels says Beijing’s shipments could fall by more than half over four years, cutting millions of vehicles amid fears for European jobsThe EU said it has reached a landmark deal with China to “halve” its sales of hybrid cars in the bloc amid fears surging sales could kill off parts of the European car industry.Trade commissioner Maroš Šefčovič said the deal was the first of its kind and the result of “intense” negotiations with China since June to curb a trade deficit of €1.18bn (£1bn) a day, which has caused mounting tensions between the two economic powers. Continue reading...
