EU and China Reach Interim Trade Deal to Ease Tensions and Rebalance Trade

The European Union and China have reached an initial trade agreement following two days of talks aimed at de-escalating trade imbalances. The preliminary deal reportedly includes lower tariffs for some European goods entering China and measures to stabilize rare earth supply chains. European Commissioner for Trade Maros Sefcovic indicated the deal could cut up to 50% of Chinese electric and plug-in hybrid vehicle imports to the EU.