2024-07-06 11:51:56
The European Union on Thursday imposed a conservative tariff of up to 38% on imported Chinese electric cars, ahead of a final decision in November, the European Commission said, accusing Beijing of illegally subsidizing manufacturers of the vehicles.
The new duties, which are in addition to a 10 percent duty already imposed on Chinese cars, will go into effect on Friday.
After a wide-ranging investigation into Chinese state support for the electric car industry that began in October 2023, Brussels announced the new tariffs on June 12, while launching discussions with Beijing to try to resolve the issues identified and defuse the risks of a trade war.
The Commission has four months to decide whether to impose the new tariffs permanently, leaving the door open to possible dialogue with Beijing. The final tariffs will be valid for five years.
Brussels is following in the footsteps of Washington, which announced in mid-May that it would increase customs duties on Chinese electric cars by 100 percent, compared to 25 percent previously.
The European car industry, which is a leader in the manufacture of gasoline and diesel engines, fears that its industries will deteriorate if it fails to stop the announced increase in cars manufactured in China, which has a clear progress in the field of electric cars.
Cars from China account for about 22 percent of the European market, compared with 3 percent three years ago, according to industry estimates.
Chinese brands account for 8 percent of electric cars sold in the EU.
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2024-07-06 11:51:56