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EU tariffs on Chinese electric cars take effect this week

2024-10-29 20:43:00, Kosova & Bota CNA

EU tariffs on Chinese electric cars take effect this week

European Union tariffs of up to 35.3 percent on China's electric cars will take effect on Thursday, according to a European Commission document published online.

The tariffs are expected to apply for five years, in addition to the European Union's standard 10 percent tax on car imports.

The Chinese companies affected by the tariffs are BYD, with 17 percent additional tax, Geely with 18.8 percent and SAIC with 35.3 percent, according to the Commission.

This latest step is expected to be published in the Official Gazette of the European bloc on Wednesday.

Tensions over Chinese exports have risen in recent months, as the United States and the EU have accused Beijing of propping up sectors, such as green technology, with massive state subsidies.

Manufacturers in China that have cooperated with EU investigations have been made subject to the 20.8 percent tariff.

Automakers that didn't cooperate were hit with tariffs of up to 35.3 percent.

The European Commission announced the additional tariffs in July, after several investigations accused Beijing of providing state subsidies to electric car manufacturers, thereby not creating decent competition in the European Union market.

The punitive trade measures come despite fierce objections from Germany, which worries that retaliatory actions could hurt its auto industry.

German manufacturers, including the likes of Volkswagen, BMW and Mercedes, have opposed the trade measures, as they have invested in the Chinese market and depend heavily on sales there.

Brussels and Beijing have failed to find a solution to the issue, and tariffs are on the negotiating table despite long-running talks.

The European Commission has repeated several times that the outcome of the negotiations should eliminate the impact of harmful subsidies.

China has said it wants to find a solution through negotiations./REL





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