China-EU car deal eases trade tensions for now at least

China agreed to cut millions of hybrid car exports to the European Union over the next four years, easing simmering trade tensions ahead of a key meeting of European leaders later this week. The deal will slow exports to half or less the pace currently predicted by the EU, the bloc’s trade chief, Maros Sefcovic, told a press conference in Beijing on Friday after two days of negotiations. Next year alone, it will pare shipments by up to 700,000 vehicles and trim as much as €14 billion (US$16...