The European Commission, the EU's executive arm, said it would impose provisional tariffs that would result in Chinese automakers facing additional duties of as much as 38%, up from the current level of 10%.“Should discussions with Chinese authorities not lead to an effective solution,” the new rates would take effect on a provisional basis by July 4, the commission said in a press release.
The commission said an investigation it opened last year into China's EV subsidies found that China's battery electric vehicle value chain “benefits from unfair subsidization, which is causing a threat of economic injury to EU BEV producers.” Chinese Foreign Ministry spokesperson Lin Jian, speaking at a daily briefing, blasted the EU's investigation as ”typical protectionism" and said Beijing would "take all measures necessary to protect our legitimate rights and interests.”that Chinese government subsidies ensure the nation’s companies don’t have to turn a profit, giving them an unfair advantage in -- Oil extended gains after industry data pointed to shrinking US crude stockpiles ahead of a government report.
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