European Union asked China to voluntarily limit exports hybrid cars in the context of efforts to avoid one trade war, reports the Financial Times today.
Brussels wants Beijing to limit sales of Chinese hybrid vehicles to around 15% of the EU market, the paper says, citing persons who know the issue. «If they don't limit their exports to our market, then we will.», said an EU official, according to FT. «This is the attempt to stop deindustrialization. We must act. This is trade management».
The EU has asked the China to limit exports of other products, including chemicals, while seeking to increase European export markets in China, according to the report.
The EU did not immediately respond to Reuters' request for a comment. Reuters notes that it was unable to directly confirm the information.
The President of the European Commission Ursula von der Leien said yesterday, Wednesday, that the European coalition would use every available tool to reduce what it described as «unsustainable» trade deficit with China.
Speaking to the European Parliament, she said that the EU's trade deficit with China, which reached EUR 360.6 billion last year and expanded by 9% in the first six months of this year, reached a turning point and Europe is already experiencing a second «Chinese shock» through deindustrialization.
EU Trade Commissioner Maros Sefcovic, who is leading the talks with China on tackling the trade deficit, has said he wants tangible results by October and is expected to visit China early next month.
