Ace Business Desk – IMPORT LIMITS: The EU and China have “reached a deal that could cut” Chinese hybrid car exports by more than half, reported Reuters, following meetings between European trade commissioner Maros Šefčovič and Chinese commerce minister Wang Wentao.
In a press conference attended online by Carbon Brief, Šefčovič responded to a question about restricting access to affordable clean-energy products by saying that the EU needed to “provide adequate remedies and protection for the European car industry”. The deal will see the EU “cap Chinese hybrid imports at 350,000 cars per year”, reported Bloomberg.
MINERALS AND INVERTERS: China also pledged to facilitate licences for rare-earth and permanent-magnet exports to the EU via a dedicated “green channel”, said Bloomberg. The joint statement from the meeting stated that discussions were ongoing on restrictions on the “use of EU funds for clean-energy projects involving certain inverters”. China also announced after the meeting that it would cut export tax rebates for new-energy vehicles to 13%, in a move that could “lead to higher prices overseas”, said Caixin.
‘KILL SWITCH’: Ahead of the meeting, France and Germany had announced their support for a “kill switch” on trade with China, said the Hong Kong-based South China Morning Post. It added that the mooted measure would be activated if a country was “perceived to be creating severe distortions” through its trade with the EU. The EU also selected 46 “strategic projects” to “bolster” its supply of critical minerals, according to an announcement by the European Commission. EU leaders will “provide further guidance” on reducing “global macroeconomic imbalances” impacting the economy in a meeting on 15-16 October, according to a letter by European Council president António Costa.
At Sterling Publishing & Media Service Agency, we prioritise transparency and accountability in all our operations. We wish to clarify that we are not responsible for any external content, hyperlinks, or costs associated with our services. Nevertheless, we remain committed to delivering outstanding services and greatly value your continued support. Thank you for your trust in us.
