Reported about 1 year ago
Reuters' Financial Times and The Wall Street Journal report that the EU will raise tariffs on Chinese electric cars, increasing the current 10% rate to a maximum of 48%. Concerns of a potential trade war with China have been raised by the German government, but the EU Commission seems determined. The Commission informed car manufacturers of the temporary increase in tariffs on electric cars imported from China, with rates rising by 17 to 38 percentage points next month. Various automakers, including BYD and Geely, will face additional tariffs of 17 to 20 percentage points, while the tax hike will also affect Tesla vehicles manufactured in Shanghai and exported to Europe, facing additional tariffs. EU-China trade tension grows as China threatens retaliation and protests the EU's move, calling it protectionist and harmful to global trade and supply chains. EU member states continue to debate the issue, with some opposing the tariff hike due to concerns of potential Chinese retaliation.
Source: YAHOO