07:25 AM EDT, 06/14/2024 (MT Newswires) -- Germany is looking to prevent or soften the European Union's new tariffs on electric vehicles from China, slated to take effect from July 4, Bloomberg News reported Friday, citing unnamed sources familiar with the matter.

The EU announced Wednesday a move to levy additional tariffs of up to 48% on electric cars shipped from China and one of the sources told Bloomberg that German officials remain optimistic that direct talks between China and the EU could still lead to an agreement.

Bloomberg said German Economy Minister Robert Habeck is set to travel to China next week, planning to discuss the matter with Chinese officials.

According to the report, the new tariffs particularly impact Chinese companies accused of violating World Trade Organization rules and distorting the market using state subsidies. Bloomberg also noted that China has expressed its opposition to the new tariffs and threatened to retaliate through other sectors.

The German Federal Ministry for Economic Affairs and Climate Action did not immediately respond to MT Newswires' request for comment.

Nio (NIO), Li Auto ( LI ) , and Tesla (TSLA) are among the companies that manufacture electric vehicles in China.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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