Etiqueta: Tariffs

Brussels' decision to impose tariffs on Chinese electric vehicles will impact companies such as BYD Co (OTC:BYDDF) and SAIC, as well as Tesla Inc (NASDAQ:TSLA), which manufactures in China. Starting next month, the European Commission plans to apply provisional duties of up to 25% on imported Chinese EVs, aiming to counteract the subsidies Chinese manufacturers receive from their government. This measure could escalate to about 35%, significantly lower than the 100% duties applied by the U.S., t

The European Commission said it would impose provisional tariffs that would result in Chinese automakers facing additional duties of as much as 38%, up from the current level of 10%

BRUSSELS (AP) — The European Union moved Wednesday to hike tariffs on Chinese electric vehicles, escalating a trade dispute over Beijing’s subsidies for the exports that Brussels worries is h…

The European Union will impose additional tariffs of up to 38.1 percent on electric vehicles imported from China starting from July.

The European crackdown comes after Joe Biden announced sweeping tariffs on $18 billion worth of Chinese goods, including a 100% tax on Chinese EVs.

China will take all necessary measures to "firmly safeguard" its lawful rights and interests after a newspaper reported that the European Commission would impose tariffs of up to 25% on imported Chinese electric vehicles (EVs), its foreign ministry said on Wednesday. After an eight-month long investigation, the Commission, which oversees trade policy for the 27-nation European Union, is expected to notify carmakers on Wednesday that it will provisionally apply additional duties of up to 25% on imported Chinese EVs from next month. Growing alarm over Chinese industrial overcapacity flooding the EU with cheap products, including EVs, is opening a new front in the West's trade war with Beijing, which began with Washington's import tariffs in 2018.

The EU is set to impose tariffs of up to 38% on Chinese electric vehicles to stop the dumping of cheap cars. But some auto producers are already scaling back investments in Europe due to poor sales.

To counteract market dumping, the European Union will slap tariffs of up to 38% on electric vehicles from China. This puts additional strain on China’s EV manufacturers, which already face poor sales in Europe.

Plus, affordable EVs from brands based in China could likely avoid U.S. tariffs if the cars are built in North America.