January 19, 2025 07:05 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Kolkata court convicts civic volunteer Sanjoy Roy in RG Kar rape-murder case | Saif was stabbed repeatedly, he tried to protect Taimur and Jeh: Kareena Kapoor Khan records statement with police | Escaped death by 20-25 minutes: Sheikh Hasina alleges opposition wanted to kill her | Cabinet's decision on 8th Pay Commission will improve quality of life, give boost to consumption: PM Modi | 'It has been an incredibly challenging day': Kareena Kapoor Khan requests privacy after Saif Ali Khan's stabbing incident | 'Distorting history': Mamata slams Mohan Bhagwat over his Ram Temple consecration 'marking true independence' remark | Saif Ali Khan stabbing incident: Actor who received six wounds is out of danger, one accused identified | ISRO creates history docking two Indian satellites in space | US-based short seller Hindenburg Research that targeted Adani Group and SEBI chairperson to be disbanded | Saif Ali Khan stabbed during burglary attempt at home, hospitalised; police probe on
EU-China
Photo Courtesy: Representational image from Wallpaper Cave

Chinese EVs hit with duties in biggest European Union trade case yet

| @indiablooms | Jul 06, 2024, at 08:00 pm

Brussels/IBNS: The European Union (EU) will impose tariffs of up to 37.6 percent from Friday on imports of electric vehicles (EVs) manufactured in China, ratcheting up tensions with Beijing in Brussels’ largest trade case yet, Reuters reported, citing EU officials.

However, there is a four-month window during which the tariffs are provisional and intensive talks are expected to continue between the two sides as Beijing threatens wide-ranging retaliation, reports Reuters.

According to reports, the European Commission’s provisional duties of between 17.4 percent and 37.6 percent without backdating are designed to prevent what the commission's President Ursula von der Leyen has said is a threatened flood of cheap EVs built on State subsidies.

The rates, which are laid out in a 208-page document published on Thursday (July 4), are almost exactly the same as those announced by the European Commission, the primary executive arm of the European Union, on June 12.

The executive made slight adjustments after firms identified minor calculation errors in the initial disclosure, as reported by Reuters.

In response, China said it would take “all necessary measures” to safeguard the country's interests.

Experts said Beijing's "necessary measures" could include retaliatory tariffs on exports to China of products such as cognac or pork.

However, EU trade chief Valdis Dombrovskis told Bloomberg that there is no basis for China to retaliate.

The Chinese Commerce Ministry on Thursday said that both sides have so far held several rounds of technical talks over tariff issue.

“We hope the European and Chinese sides will move in the same direction, show sincerity, and push forward with the consultation process as soon as possible,” He Yadong, a Ministry spokesperson, was quoted as saying by Reuters.

European auto-industry executives, however, warned against the tariffs, fearful of counter-tariffs or other measures that could affect the competitiveness of their cars in China when they are already struggling to keep up with a growing number of local competitors in the EV market.

According to the European Commission, Chinese brands’ share of the EU market has risen to 8 percent from below 1 percent in 2019 and could reach 15 percent next year.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu