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Wednesday, July 24, 2024

The EC decided to impose customs duties on Chinese electric vehicles. From July 4, tariffs on Chinese electric cars

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Imports of Chinese cars into the European Union will be subject to temporary customs duties from July 4 unless an agreement is reached with the Chinese authorities, the European Commission informed. “Subsidies pose a threat to EU producers.” – assessed the Commission.

European Commission she turned to the authorities China in order to establish the rules for the import of Chinese cars into the European Union. She announced that if talks with Beijing do not result in an agreement, temporary tariffs will be introduced from July 4.

European Union is the largest buyer of Chinese electric vehicles, accounting for almost 40 percent of these exports.

The European Commission (EC) may impose temporary tariffs on Chinese electric vehicles due to Beijing's “unfair subsidization” of Chinese companies in this sector. According to the EC, subsidies pose a threat to EU producers. The EC said that it had asked the Chinese authorities to reach an agreement on this issue. If talks with Beijing do not result in an agreement, temporary tariffs will be introduced from July 4. The Commission decided to impose individual duties on the following companies: BYD (17.4%), Geely (20%) and SAIC (38.1%). Other electric vehicle manufacturers in China that cooperated with the EC's investigation would be subject to a 21% tariff, and those that did not cooperate would be subject to a 38.1% tariff.

Main photo source: Shutterstock/mares90

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