Jun. 11, 2024
EU May Disclose Tariff Rates for Chinese EVs This Week
TMTPOST--The European Commission is set to unveil detailed plans for tariffs on Chinese electric vehicles (EVs) later this week. This decision follows allegations of excessive subsidies provided by the Chinese government to its domestic EV industry, a move that may escalate tensions and prompt retaliation from China. The EU's proposed tariffs come amid the escalating trade tensions between the U.S. and China, triggered by U.S. President Joe Biden's announcement on May 14 of new tariffs on Chinese goods. In response, China swiftly launched an anti-dumping investigation into chemical imports from the United States, the European Union, Japan, and Taiwan. Analysts predict tariffs ranging from 10% to 25%, with each 10% increment adding up to a $1 billion burden for EU importers, Reuters reported. This imposition comes as an additional strain on an industry already grappling with declining demand and decreasing prices. The financial strain is expected to intensify as Chinese EV exports to Europe continue to surge.
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