financetom
Business
financetom
/
Business
/
German car industry urges EU to drop tariffs on China-made cars
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
German car industry urges EU to drop tariffs on China-made cars
Jul 3, 2024 12:32 AM

BERLIN, July 3 (Reuters) - Germany's VDA auto

association urged the European Commission to drop its planned

tariffs on China-made electric vehicles on Wednesday, in a

last-ditch effort to influence negotiations ahead of the tariffs

kicking in on Thursday.

The association highlighted that the tariffs were hurting

European and U.S. carmakers exporting from China and that the

risk of retaliation by China with counter-tariffs would hit the

German industry hard given its high volume of export to China.

The value of passenger car exports from Germany to China

last year was over three times the value of imports from China,

and the value of exports by component suppliers was four times

as much as the value of imports, according to the VDA.

The Commission should instead focus on securing access to

critical raw materials - many of which are controlled by China -

for Europe's EV industry, reducing barriers to market access and

creating transparency on trade policy, the VDA said, proposing

the creation of a council to discuss such matters.

"Anti-subsidy tariffs are not an adequate measure to

strengthen European competitiveness and resilience in the long

term," it said.

China and the European Commission have been in negotiations

since last week over the curbs that Beijing wants scrapped,

rejecting accusations of unfair subsidies.

Brussels has made clear that it expected China to come to

technical talks taking place this week with a road map for

"addressing the injurious subsidisation" of its EV industry if

there were to be a negotiated outcome.

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 >
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved