China and Europe agree to cut Chinese hybrid vehicle exports by half

BEIJING — European trade commissioner Maroš Sefčovič said Friday that China has agreed to halve its exports of hybrid cars to the bloc. Europe has called on China to voluntarily reduce hybrid car exports into the continent, but authorities in Beijing had reportedly slapped down the request , according to the Financial Times. The widening trade surplus between the EU and China has been a point of contention, with Germany and France previously having called on Brussels to develop a "last-resort" trade instrument to address imbalances. Sefčovič said Friday that the final decision would still need Brussels' approval.