BREAKING: EU AND CHINA REACH DEAL ON HYBRIDS AND RARE EARTHS

After two days of talks in Beijing between EU Trade Commissioner Maroš Šefčovič and Commerce Minister Wang Wentao, China's commerce ministry says the two sides reached an understanding on hybrid vehicle trade "in a WTO-compliant manner", without disclosing terms. Beijing also says it is willing to keep fast-tracking export licenses for rare earths and permanent magnets bound for Europe. The 16-point outcome leaves most issues for later talks, set for March 2027. The pressure behind it: the EU runs a deficit of more than €1 billion a day with China, and imports of Chinese plug-in hybrids are up 86% this year.