China, the UK, and Germany are raising their voices against the European Union's decision to hike tariffs on Chinese-made electric vehicles (EVs). 💥🚗
The European Commission, after a year-long investigation, announced extra tariffs ranging from 7.8% to a hefty 35.3% on top of the standard 10% car import duty. This move aims to counter what it deems unfair subsidies in China, including preferential financing and lower prices on land, batteries, and raw materials.
China's Response 🇨🇳
China's Ministry of Commerce expressed strong disapproval of the EU's decision, labeling it as \"irrational\" and \"protectionist under the guise of fair competition.\" China has already appealed to the World Trade Organization's dispute settlement mechanism and vows to take necessary measures to protect its enterprises.
UK's Stance 🇬🇧
The UK isn't on board with the EU's move either. Jonathan Reynolds, the UK's Secretary of State for Business and Trade, stated he's \"open\" to reviving trade dialogue with China. He emphasized that trade is an area where cooperation is possible and confirmed that the UK has no plans to follow the EU in imposing additional import duties on Chinese EVs.
Germany's Concerns 🇩🇪
Germany's automotive industry is also sounding the alarm. Hildegard Müller, president of the German Association of the Automotive Industry, warned that the tariffs could spark a \"far-reaching trade conflict.\" She stressed that this step is backward for free global trade and could harm prosperity, jobs, and growth in Europe. BMW's CEO, Oliver Zipse, echoed these sentiments, stating the move could limit the supply of electric cars to European customers and slow down decarbonization efforts.
Hope for Negotiations 🤝
Despite the tensions, there's still room for dialogue. China's Ministry of Commerce noted that both sides are currently engaged in consultations and expressed hope that the EU will work constructively with China to reach a mutually acceptable solution and avoid escalating trade frictions.
This tariff tussle comes at a critical time for the global EV market, where cooperation could drive innovation and sustainability. Let's hope cooler heads prevail and steer towards collaboration rather than conflict! 🌍🔋
Reference(s):
China, UK, Germany express disapproval over EU tariffs on Chinese EVs
cgtn.com
