* . * . . .
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Cookie Privacy Policy
  • DMCA
  • California Consumer Privacy Act (CCPA)
Sunday, June 1, 2025
Love Europe
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Sports
  • Travel
No Result
View All Result
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Sports
  • Travel
No Result
View All Result
Love Europe
No Result
View All Result
Home News

EU gives final green light to steep tariffs on Chinese electric cars

October 29, 2024
in News
EU gives final green light to steep tariffs on Chinese electric cars
Share on FacebookShare on Twitter
ADVERTISEMENT

In the meantime, Brussels will continue negotiations with Beijing in an attempt to secure a deal on minimum prices that can replace the tariffs. However, this solution, advocated by Germany, is highly complex and would be difficult to implement on the ground.

“By adopting these proportionate and targeted measures after a rigorous investigation, we’re standing up for fair market practices and for the European industrial base,” said Valdis Dombrovskis, the Commission’s executive vice president in charge of trade.

The entry into force was widely expected after the inconclusive vote earlier this month where member states failed to mount the necessary majority in favour or against the measures. The Commission invoked its trade powers to break the impasse and approve the duties, which come on top of the existing 10% rate and vary according to brand, as below.

Tesla: 7.8%BYD: 17%Geely: 18.8%SAIC: 35.3%Other EV producers in China who cooperated in the investigation but have not been individually sampled: 20.7%Other EV producers in China who did not cooperate: 35.3%

The executive argues that additional tariffs are necessary to offset the effects of the subsidies it claims Beijing is injecting on a large scale across its domestic EV sector. The generous financial aid has allowed Chinese producers to sell their cars at artificially lower prices compared to their European competitors, the Commission attests.

As a result, Chinese firms’ EV sales in Europe have increased at extraordinary pace: their market share jumped from 1.9% in 2020 to 14.1% in the second quarter of 2024, according to the Commission’s estimations.

Brussels has repeatedly warned that, without taking forceful action, EU carmakers would suffer unsustainable losses and be pushed out of the lucrative market of net-zero mobility, leading to the closure of plants and the dismissal of thousands of workers.

The bloc’s automotive industry is already in turmoil due to high energy prices, sluggish consumer demand and intense global competition.

“There’s a clear and imminent threat to our car industry not making the transition to electric vehicles and being therefore wiped out,” a senior EU official said on Tuesday, speaking on condition of anonymity.

Despite the introduction of tariffs, Brussels claims it remains committed to finding a solution with Beijing enforceable by customs duties and compatible with World Trade Organization (WTO) rules, something that has so far proven elusive.

China denounced the Commission’s probe from the outset as a “naked protectionist act” consistently denying the existence of subsidies, describing the findings “artificially constructed and exaggerated,” and threatening retaliatory measures against the EU’s dairy, brandy and pork industries, setting alarm bells ringing in some capitals.

“We disagreed on each and every fact that we established in the investigation,” the senior EU official said. “It was a broad disagreement.”

But with the United States and Canada slapping 100% tariffs on Chinese EVs, Europe remains one of the few wealthy markets still available for Beijing’s high-end products.

Source link : https://www.euronews.com/my-europe/2024/10/29/eu-gives-final-green-light-to-steep-tariffs-on-chinese-electric-cars

Author :

Publish date : 2024-10-29 17:38:00

Copyright for syndicated content belongs to the linked Source.

Tags: Europe
ADVERTISEMENT
Previous Post

Business Integrity in Eastern Europe and Central Asia

Next Post

Spooktacular fun at Europe’s largest Halloween superstore

Related Posts

Kuehne+Nagel introduces new direct line hauls between Türkiye and Europe inside its groupage community – Kuehne + Nagel
News

Kuehne+Nagel introduces new direct line hauls between Türkiye and Europe inside its groupage community – Kuehne + Nagel

Europe slams ‘unlawful’ Trump tariffs, vows unified response – politico.eu
News

Europe slams ‘unlawful’ Trump tariffs, vows unified response – politico.eu

Report: Assaults on Catholics more and more widespread and tolerated in Europe and Latin America – Catholic Information Company
News

Report: Assaults on Catholics more and more widespread and tolerated in Europe and Latin America – Catholic Information Company

ADVERTISEMENT

Highlights

Malta Girls Celebrate Triumphant Return to League B in Nations League Promotion – EUROP INFO

Moldova Secures €30 Million Deal with France to Boost Energy Efficiency – EUROP INFO

Could Vučić’s Moscow Visit Trigger Major Repercussions? – EUROP INFO

Russia Slams Serbia for Betraying Trust with Arms Shipments to Ukraine – EUROP INFO

Matas Buzelis Shares Uncertainty About Making Lithuania Debut This Summer – EUROP INFO

Categories

Archives

October 2024
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Sep   Nov »
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Cookie Privacy Policy
  • DMCA
  • California Consumer Privacy Act (CCPA)
No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2024 Love-Europe

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version