Reported 5 months ago
The article reports that the Chinese government has threatened retaliatory tariffs on European Union and US-made vehicles in response to the EU's investigation into Chinese EV subsidies and the White House's tariff escalation on Chinese goods. The China Chamber of Commerce to the EU mentioned that China might increase temporary tariff rates on imported cars with large-displacement engines up to 25%, compared to the current 15%. This threat impacted the shares of European luxury automakers exporting such vehicles to China. The EU's investigation into Chinese EV subsidies is ongoing, with a deadline set for July 4, while President Biden announced new tariffs on Chinese products, including EVs. This situation reflects the escalating tensions in the US-China trade relationship.
Source: YAHOO