Reported 7 months ago
The European Commission announced yesterday that punitive tariffs will be levied on Chinese electric cars starting July 4, in addition to the existing 10% import duty, potentially adding up to 38.1% for Chinese automakers. This move came as a response to China's strategic subsidies for the electric vehicle industry, leading to concerns of unfair competition and economic threat for EU manufacturers. China strongly criticized the EU's actions, hinting at potential countermeasures, such as launching investigations into EU dairy and pork products, possibly affecting luxury goods, cosmetics, wine, and more from France and Italy. The dispute may escalate further, impacting global trade dynamics between China and the EU.
Source: YAHOO