According to CoinMeta, the EU stated that the newly reached trade agreement could reduce imports of Chinese electric vehicles and plug-in hybrid cars by up to 50%, and lower tariffs on certain European exports to China. The agreement was reached after two days of negotiations between Chinese and European trade representatives, with the aim of alleviating the increasingly tense trade situation. EU Trade Commissioner Maros Sefcovic said that the agreement includes reducing tariffs on certain European goods and taking measures to stabilize the rare earth supply chain. The agreement still needs to be approved by the leaders of the 27 EU countries. Sefcovic also mentioned that both sides agreed to further facilitate export permits for rare earths and permanent magnets from China, and to improve the opportunities for EU products to enter the Chinese market by lowering most-favored-nation tariffs.