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- EU Plans Sept 25 Vote On Raising Tariffs On EVs From China - Report
EU Plans Sept 25 Vote On Raising Tariffs On EVs From China - Report
Photo: Reuters.
Bloomberg News reported on Friday, citing sources familiar with the matter, that the EU plans to hold a crucial vote on September 25 to impose definitive tariffs on electric vehicles imported from China.
This action is a part of the EU's larger plan to defend the European automotive sector and counter unfair competition from Chinese automakers. According to reports, the EU's executive branch, the European Commission, is about to propose final tariffs on electric vehicles (EVs) made in China that could amount to as much as 35.3%.
The standard 10% EU car import duty would be imposed in addition to these proposed tariffs, potentially increasing the overall tariff burden on Chinese EVs to over 45%.
In a related development, it has been reported that Chinese EV manufacturers have offered the EU minimum import prices into the union, which is a common tactic to avoid tariffs.
The EU, however, turned down these proposals, demonstrating their strong position on carrying out the suggested tariff measures.
The actions of the EU come after several trade sanctions imposed earlier in the year. The bloc began imposing initial tariffs in July on Chinese electric vehicle imports, focusing on businesses like BYD, Geely, and SAIC.
These actions were perceived as a reaction to the sharp increase in Chinese electric vehicle imports into the European market, which some industry executives and EU officials saw as a danger to homegrown producers.
However, the EU has demonstrated some flexibility in its approach. In August, it announced a reduction in planned tariffs on Tesla's China-made EV imports to 9%, which was lower than previously expected, implying that some Chinese companies in joint ventures with EU automakers may face lower punitive duties on their Chinese-made EV imports.
The proposed final duties must be approved by a qualified majority of EU members, specifically 15 of the 27 member states, which represent at least 65% of the EU population. If approved, these tariffs will be implemented by the end of October.
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Anis
Previously in banking and e commerce before she realized nothing makes her happier than a revving engine and gleaming tyres........