The Chinese government announced a settlement after talks between Sefcovic and Commerce Minister Wang Wentao in Beijing.
According to China, the agreement, outlined in a joint press release, is “in accordance with World Trade Organization (WTO) rules.” China is also said to be willing to facilitate exports of critical minerals to the EU while “exploring the possibilities” of lowering tariffs on certain goods.
"We have been working intensively in recent months," Sefcovic said at a press conference afterwards.
At the same time, he noted that much still remains to be discussed.
This is an important first step, but only a first step towards a rebalancing, Sefcovic said.
The EU has recently threatened to impose import caps on hybrid cars from China, which it accuses of distorting the market.
