Hey there, amigos! 🇨🇳🚗 China's automobile industry is revving up against certain measures in the U.S. Inflation Reduction Act (IRA), and they've got a lot to say! 🗣️
The China Chamber of Commerce for Import and Export of Machinery and Electronic Products, representing China's booming auto sector, voiced serious dissatisfaction and firm opposition to parts of the IRA on Tuesday. They believe these measures are not cool 😒 and are urging the U.S. to play fair under the World Trade Organization (WTO) rules. 🌐
The chamber is standing up for China's new energy vehicle (NEV) industry, which has been on the rise and contributing big time to the global green movement! 🌳⚡ They're saying the U.S. should stop the unilateralism and trade bullying practices. Ouch! 😬
So what's the deal with the IRA? It was signed into law back in August 2022, aiming to boost clean energy and reduce inflation. But according to China, some of the NEV subsidies under the IRA violate market economy principles and are essentially targeting China's NEV industry. 🚫
China isn't taking this lightly. In March, they filed a complaint at the WTO, and since consultations didn't fix things, they've requested a WTO expert panel to step in. 📝💼
The chamber believes these U.S. measures are shaking up the game in the global NEV industry, messing with fair competition, and even hindering global efforts against climate change. 🌍💔
They pointed out that after the IRA kicked in, about 80% of NEV models in the U.S. market didn't meet the new subsidy requirements. That's a major bummer for new car launches and has hit consumer confidence hard. 😢🚙
Sun Xiaohong, the secretary general of the automotive internationalization professional committee under the chamber, said, \"After the IRA took effect, about 80 percent of NEV models on the market did not meet the subsidy requirements, which not only affected the launch of new cars, but also hit consumer confidence.\" 📉
So, will this auto showdown affect the vibes between these global giants? Only time will tell! ⏳ Stay tuned for more updates on this international road trip! 🌐🚀
Reference(s):
China auto sector opposes measures under U.S. Inflation Reduction Act
cgtn.com
