Beijing [China], October 31: The European Union (EU) on October 29 decided to increase tariffs to 45.3% on Chinese electric vehicles. According to Reuters, in addition to the current 10% tariff on electric vehicles imported from China, the EU will impose a new tax of about 35.3%. The decision will take effect from October 31.
The move comes after negotiations between the two sides failed to resolve trade tensions .
The European Commission (EC) said the tariffs were necessary to protect the bloc's electric vehicle industry from unfair competition from cheap Chinese electric vehicles. China's Ministry of Commerce yesterday protested the decision and will take the case to the World Trade Organization ( WTO). However, China hopes that both sides will find a mutually beneficial solution to avoid escalating trade tensions.
Source: Thanh Nien Newspaper