Amidst growing trade tensions, the EU has imposed tariffs on Chinese electric vehicles, citing unfair state subsidies. The move has sparked controversy and concerns about retaliation from China.
 |
| The European Union has imposed hefty tariffs on electric vehicles manufactured in China, despite strong opposition from Germany and concerns about escalating tensions with Beijing. Symbolic image |
Brussels, Belgium - October 5, 2024:
The European Union has officially greenlit substantial tariffs on Chinese-made electric vehicles, despite opposition from several member states, including Germany. This move has sparked concerns about a potential trade war with China.
The European Commission, which had provisionally approved the tariffs in June, has now been given the go-ahead to impose duties of up to 35.3% on Chinese electric vehicles, effective from late October. China has strongly condemned these tariffs as protectionist and has vowed to retaliate.
While negotiations between the EU and China are ongoing, the EU's decision has strained relations between the two economic superpowers. Ten EU member states, including France and Italy, supported the tariffs, while five, including Germany and Hungary, opposed them.
Germany, a major automotive exporter, has expressed concerns that the tariffs could damage its economy and lead to retaliatory measures from China. The German government has urged the EU to reconsider its decision and seek a negotiated solution.
The EU's imposition of tariffs on Chinese electric vehicles is a significant development with potential implications for the global automotive market. It remains to be seen how China will respond and whether the two sides can find a way to resolve their trade differences.