Here's what reciprocal recognition of U.S., EU auto rules could mean

If the United States and European Union agree to recognize each other's vehicle regulations, it could increase access to low-cost vehicles, reduce automaker expenses and potentially ease obstacles for Chinese brands looking to enter the U.S. market, experts said.

A joint statement recently issued by the White House and the EU outlined a framework for a trade agreement aimed at reducing tariff and non-import tax barriers. That included mention of accepting each other's regulations and collaborating on requirements.