EU AND CHINA STRIKE DEAL ON HYBRID CARS

The European Union and China reached an understanding to cut Chinese hybrid and plug-in hybrid exports to the bloc by more than half over the next four years, EU trade chief Maros Sefcovic said after two days of talks in Beijing. The agreement follows a surge in which plug-in hybrid imports from China jumped 86% year over year, pushing Chinese brands past half of all plug-in hybrids sold in Europe. In return, China agreed to cut tariffs on about €4 billion of European goods, including auto parts, olive oil and footwear. Automakers like Volkswagen $VWAGY, under pressure from cheaper Chinese imports, now wait for the next round of talks in January.