(Preview) Brussels and Beijing Make a Deal; Weak Holiday Spending Data; Xi’s Reported Rest Breaks; Peak Dove?

The EU-China hybrid export cap likely delays rather than resolves trade tension, with loopholes that could let Chinese automakers bypass it entirely.

• EU-China PHEV deal: Brussels and Beijing agreed to cap Chinese hybrid exports at 350,000 units with 6% annual growth, averting an immediate trade war.
• Loopholes loom large: Bishop flags that cars made outside China (e.g., BYD plants in third countries) or by Chinese brands built inside Europe may fall outside the cap entirely.

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