China and the EU Reach Key Consensus in Trade Consultations
China and the EU concluded trade consultations in Beijing, reaching 16 consensuses on trade in new energy vehicles, with a core focus on hybrid vehicle exports and tariffs:
1. Restrictions on Hybrid Vehicle Exports: Both sides reached a preliminary understanding to "adjust" the scale of Chinese hybrid vehicle exports to the EU. The EU expects exports of such vehicles to the EU to decrease by millions over the next four years, potentially by more than half. Specific quotas and timelines have not yet been announced.
2. Tariffs on Pure Electric Vehicles Still Under Negotiation: The dispute over anti-subsidy tariffs on pure electric vehicles has not been fully resolved. Both sides will continue to advance the negotiation process for "price undertakings" (i.e., exporters committing to a minimum selling price in lieu of tariffs).
3. Facilitated Rare Earth Supply: China pledged to provide a "green channel" for European companies applying for export licenses for rare earths and permanent magnets to stabilize the supply chains of the European electric vehicle and wind power industries.
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