This photograph taken on December 15, 2023, shows lined up flags of the European Union on display at the European headquarters during the European Union summit, in Brussels. – The European Union on Thursday slapped extra provisional duties of up to 38 percent on Chinese electric car imports because of “unfair” state subsidies, despite Beijing’s warnings the move would unleash a trade war.
German auto giant Volkswagen slammed the move as “detrimental” while the head of BMW said the tariff battle “leads to a dead end”.France and Italy have pushed for tariffs on Chinese EVs — whose market share in the EU has skyrocketed — but Sweden like Germany has expressed reservations, while Hungary is outright opposed.
In response, the commission imposed provisional duties on major Chinese manufacturers including 17.4 percent for market major BYD, 19.9 percent for Geely and 37.6 percent for SAIC.Other producers in China that cooperated with the EU will face a tariff of 20.8 percent, while those that did not cooperate would be subject to the maximum 37.6 percent duty.
But Dombrovskis cautioned that “any negotiated outcome to our investigation must clearly and fully address EU concerns and be in respect of WTO rules.” But Brussels faces a delicate balancing act as it seeks to defend Europe’s auto industry — the jewel in its industrial crown — while both avoiding a damaging showdown with China and meeting its targets for slashing carbon emissions.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »
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