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EU to impose tariffs on Chinese EVs? China vows to protect its interests.

TraderKnows
TraderKnows
06-13

Recently, the European Union has repeatedly indicated that it will impose additional tariffs on Chinese electric vehicles. In response, China has stated that it will take measures to protect its interests.

According to Xinhua News Agency, China hopes the European Union will seriously reconsider its tariffs on Chinese electric vehicles and stop further actions in the "wrong direction."

This statement was made after the European Commission announced on Wednesday that it would impose additional tariffs of up to 38.1% on imported Chinese electric vehicles starting in July.

China stated that it would take steps to protect its interests.

Xinhua said, "Given the economic structures and scales of the two entities, it is most beneficial for China and the EU to cooperate on major economic and trade issues."

"For the EU, leveraging China's advantages to develop its own electric vehicle industry would be more cost-effective."

Less than a month ago, Washington announced plans to raise tariffs on Chinese electric vehicles to 100%. Brussels said it would respond to excessive subsidies by increasing tariffs, including 17.4% on BYD and 38.1% on SAIC, in addition to the standard 10% auto tariff.

This move comes as European automakers face the challenge of low-cost Chinese electric vehicles. However, there is little support in the European automotive industry for imposing tariffs.

German automakers, in particular, are heavily reliant on sales in China and fear Beijing's retaliation. European car companies also import their own manufactured vehicles from China.

European Commission President Ursula von der Leyen has repeatedly stated that Europe needs to take action to prevent Chinese-subsidized electric vehicles from flooding the EU market.

Xinhua noted that trade and economic relations between the EU and China are at a crucial crossroads, and the EU needs to demonstrate its strategic and long-term vision.

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Tariff

Tariffs are a type of tax that governments levy on imported and exported goods, typically appearing as a percentage of the value of the goods.

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