Reported 9 months ago
According to Deutsche Welle's report on June 26, 2024, the European Commission has decided to fine-tune the tariffs imposed on electric cars imported from China after receiving more information from relevant companies. These tariffs will be adjusted from the existing 10% to further balance market competition. The adjusted tariff scheme includes reductions for SAIC Group from 38.1% to 37.6%, Geely from 20% to 19.9%, while BYD's tariff remains at 17.4%. Other Chinese electric car companies will face a weighted average tariff of 20.8% for non-cooperative ones, with additional tariffs for uncooperative companies amounting to 37.6%. The EU's decision also reflects flexibility towards different companies, with Tesla potentially receiving a separate tariff rate as requested. This move has escalated tensions in the ongoing EU-China trade dispute, with China threatening retaliatory measures and investigations on pork imports. Both sides are hoping to resolve the conflict through negotiations based on WTO rules. The temporary tariffs will be introduced as guarantees and implemented once the final tariffs are confirmed. This arrangement aims to provide businesses and markets with a period to adapt to the new tariff environment. (Deutsche Welle)
Source: YAHOO