Some ten years after it should have, Europe is finally reaching for the brakes. According to Bloomberg, the European Commission is preparing so-called safeguard measures to limit imports of Chinese hybrid vehicles, most likely via tariff-rate quotas that slap a levy on anything above a set volume. The cap would be time-limited, and Brussels plans to use hybrids as a "test case" which, if successful, could be replicated in other sectors where the bloc is drowning in Chinese imports. Our reaction this morning was short and to the point: The market…