EU and China Reach Interim Trade Deal to Halve Chinese Hybrid Car Exports

The European Union and China have struck an interim trade agreement aimed at moderating China's exports of hybrid and plug-in hybrid cars to the EU by more than half. This 'shared understanding' seeks to address the EU's growing trade deficit with China and could cut several million car imports over four years, with further discussions planned to explore tariff reductions and market access for medical devices.