> The European Union voted on Friday to impose tariffs as high as 45% on electric vehicles from China in a move set to increase trade tensions with Beijing, according to people familiar with the process.
> The European Commission, the bloc’s executive arm, can now proceed with implementing the duties, which would last for five years, said the people, who spoke on the condition of anonymity. A number of countries abstained in the ballot.
The decision by the EU comes after an investigation found that China unfairly subsidized its industry. Beijing denies that claim and has threatened its own tariffs on European dairy, brandy, pork and automobile sectors.
> The bloc is actively trying to reduce its dependencies on China, with former European Central Bank President Mario Draghi warning last month that “China’s state-sponsored competition” was a threat to the EU that could leave it vulnerable to coercion. The EU, which did €739 billion ($815 billion) in trade with China last year, was split on whether to move forward with the duties.
!ping ECO&EUROPE&CHINA
BlackCat159 on
Two commies fighting 🙄
letowormii on
Good on the EU for standing up against… subsidies to the EV industry?
uttercentrist on
Hmmm, almost seems like those export controls on rare earth materials were an exercise in not making friends.
4 Comments
> The European Union voted on Friday to impose tariffs as high as 45% on electric vehicles from China in a move set to increase trade tensions with Beijing, according to people familiar with the process.
> The European Commission, the bloc’s executive arm, can now proceed with implementing the duties, which would last for five years, said the people, who spoke on the condition of anonymity. A number of countries abstained in the ballot.
The decision by the EU comes after an investigation found that China unfairly subsidized its industry. Beijing denies that claim and has threatened its own tariffs on European dairy, brandy, pork and automobile sectors.
> The bloc is actively trying to reduce its dependencies on China, with former European Central Bank President Mario Draghi warning last month that “China’s state-sponsored competition” was a threat to the EU that could leave it vulnerable to coercion. The EU, which did €739 billion ($815 billion) in trade with China last year, was split on whether to move forward with the duties.
!ping ECO&EUROPE&CHINA
Two commies fighting 🙄
Good on the EU for standing up against… subsidies to the EV industry?
Hmmm, almost seems like those export controls on rare earth materials were an exercise in not making friends.