Reported 7 months ago
Starting July 4, the EU will impose tariffs on Chinese electric vehicles, prompting China to consider retaliatory measures against EU gasoline cars and brandy. Concerned about potential economic impact, Germany is working to prevent the new tariffs from taking effect or to lower the tax rate, sending its economy minister to China next week to mediate and avoid escalating bilateral tariff conflicts. The move comes as Chinese electric cars flood the European market, with the EU Commission announcing temporary anti-subsidy tariffs on imported Chinese electric cars, up to 38.1%. If tariffs on European cars are imposed, EU's car exports to China may suffer a blow, impacting operations for car manufacturers like BMW, Mercedes-Benz, and Volkswagen who heavily rely on the Chinese market.
Source: YAHOO