EU-Covers Deal Caps Chinese Hybrid Car Imports at 350,000 a Year for Four Years

The import cap, which applies only to hybrid and plug-in hybrid cars manufactured in China, will be in effect for four years, EU officials announced at a press briefing in Brussels.

The deal was reached on Friday after negotiations between EU Trade Commissioner Maros Sefcovic and Chinese Commerce Minister Wang Wentao. It also includes Chinese promises to reduce tariffs on car parts, shoes, olive oil and ice cream.

The tariff reductions will also apply for four years and are expected to save European companies a total of more than 200 million euros per year.