EU Trade Commissioner Sefcovic says the trade deficit with China demands a credible path to rebalancing

EU and China reaffirmed to properly handle differences under the framework of WTO rules. Reached a shared understanding to improve access to the Chinese market for a series of EU products through lower MFN tariffs. These range from car parts to olive oil and footwear, totalling almost EUR 4bln in current export value, which would bring at least EUR 225mln in duty savings. The agreement of understanding with China hybrid vehicles could cut shipments by half. Both sides commit to continue working with the view to stabilise the bilateral relationship more balanced. Reached an agreement on rare earths and magnets. Will continue to explore the possibility of tariff reductions or elimination for certain goods. Talks are far from over. Two sides recall the guidance document on the price undertakings of the BEV's anti-subsidy case.