financetom
Business
financetom
/
Business
/
China hopes EU will reconsider EV tariffs, state media reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China hopes EU will reconsider EV tariffs, state media reports
Jun 12, 2024 5:58 PM

HONG KONG, June 13 (Reuters) - China hopes the European

Union will seriously reconsider tariffs for Chinese EVs and stop

going further in the "wrong direction", according to a

commentary in state-backed news Xinhua.

The statement comes after the European Commission said on

Wednesday it will impose extra duties of up to 38.1% on imported

Chinese electric cars from July.

China has said it would take measures to safeguard its

interests.

"In light of their economic structure and sheer size, China

and the EU are best served by teaming up on major economic and

trade issues," Xinhua said.

"It would be more cost-effective for the EU to draw on

China's advantages in order to develop its own EV industry."

Less than a month after Washington announced plans to

quadruple duties for Chinese EVs to 100%, Brussels said it would

combat excessive subsidies with additional tariffs ranging from

17.4% for BYD to 38.1% for SAIC, on top

of the standard 10% car duty.

The move comes as European automakers are being challenged

by an influx of lower-cost EVs from Chinese rivals. Still, there

is virtually no support for tariffs from the continent's auto

industry.

German automakers in particular are heavily dependent on

sales in China and fear retribution from Beijing. European auto

firms also import their own Chinese-made vehicles.

European Commission President Ursula von der Leyen has

repeatedly said Europe needs to act to prevent China from

flooding the bloc's market with subsidised EVs.

Trade and economic relations between the EU and China are at

an important crossroads, and it is crucial for the EU to

demonstrate a strategic and long-term vision, Xinhua said.

The regional bloc seemed to have left some room for the two

sides to continue their consultations to find a proper solution

and avoid the worst scenario, the commentary added.

"It is hoped the EU will make some serious reconsideration

and stop going further in the wrong direction."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Avanti Gold Closes Second Tranche of $1.4 Million Private Placement
Avanti Gold Closes Second Tranche of $1.4 Million Private Placement
Jul 18, 2025
08:55 AM EDT, 07/18/2025 (MT Newswires) -- Avanti Gold ( AVTGF ) on Friday closed the final tranche of a non-brokered private placement for gross proceeds of $517,998, completing the full $1.4 million offering. The company issued approximately 14.79-million units at $0.035 each in this closing. Each unit is made up of a share and a one-yea warrant to buy...
Sector Update: Consumer
Sector Update: Consumer
Jul 18, 2025
08:56 AM EDT, 07/18/2025 (MT Newswires) -- Consumer stocks were advancing pre-bell Friday as the Consumer Staples Select Sector SPDR Fund (XLP) was slightly higher and the Consumer Discretionary Select Sector SPDR Fund (XLY) was up 0.1% recently. Newegg Commerce ( NEGG ) shares were up more than 5% after investors Angelica and Vladimir Galkin's recent purchase of a combined...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
American Express Second-Quarter Results Top Views; Maintains Full-Year Outlook
American Express Second-Quarter Results Top Views; Maintains Full-Year Outlook
Jul 18, 2025
08:57 AM EDT, 07/18/2025 (MT Newswires) -- American Express ( AXP ) reported better-than-expected second-quarter results on Friday amid robust card member spending, while the payments company reiterated its full-year outlook. Adjusted earnings rose to $4.08 a share for the June quarter from $3.49 a year ago, topping the FactSet-polled consensus of $3.88. The result excludes the $0.66 per-share gain...
Copyright 2023-2026 - www.financetom.com All Rights Reserved