Aerial photos show export electric vehicles stacked at the Taicang Port International Container Terminal in Suzhou, east China’s Jiangsu Province. The European Union and China have reportedly agreed to negotiate plans to impose tariffs on Chinese-made electric vehicles.
STER | AFP | Getty Images
China’s Ministry of Commerce says it “does not accept” EU tariffs on Chinese electric cars increase tariffs On Wednesday, the proportion of electric vehicles in China reached 45.3%.
Additional tariffs will start from 7.8% Tesla to 35.3% SAIC Motorand impose a standard 10% import tariff on EU cars.
In a statement, The Ministry of Commerce said, “China has repeatedly pointed out that the EU’s anti-subsidy investigation into China’s electric vehicles contains many unreasonable and non-compliant aspects, and is a protectionist practice of ‘unfair competition’.”
EU launches “countervailing” A survey of electric vehicles in China Last year, they were accused of being illegally subsidized and thus “causing or likely to cause economic harm” to the EU electric vehicle industry.
China has filed a lawsuit in accordance with the law World Trade Organization Dispute Settlement mechanism. The Ministry of Commerce stated that “China will continue to take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.”
China’s Ministry of Commerce also emphasized that the EU has stated that it will continue to negotiate with China, adding that the two sides are conducting a new round of consultations.
The statement also expressed the hope that the EU “will cooperate with China in a constructive manner… to reach a solution acceptable to both parties as soon as possible to avoid escalation of trade friction.”
October 25, Reuters reports Both sides are considering possible minimum price commitments from Chinese producers or investments in Europe as an alternative to tariffs.
Shares of Chinese electric vehicle makers were mostly lower in early trading Wednesday, with heavyweights BYD Trading is close to flatline while Nioh and Xpeng Motors fell 3.07% and 0.11% respectively.
