EU officially "takes action" on Chinese electric cars, highest tax rate up to 35.3%, Germany immediately states its opinion

The European Union (EU) agreed on October 29 to impose additional tariffs on electric cars imported from China, after talks with Beijing failed to reach an agreement to end the impasse.

EU imposes additional tariffs on electric cars imported from China. (Source: Emodnet)

In its final decision published today, the European Commission confirmed that the 27-member bloc will impose a new tax of up to 35.3%, higher than the current 10%, on electric cars imported from the world's second-largest economy .

Specifically, the tax on Chinese electric vehicle manufacturers will be 17% for BYD cars, 18.8% for Geely cars and 35.3% for state-owned SAIC cars.

Geely has brands including Polestar and Sweden's Volvo, while SAIC owns Britain's MG, one of Europe's best-selling electric car brands.

The decision will become law after being published in the EU's official journal today (October 30) and will come into effect tomorrow, October 31.

Over the weekend, China’s Commerce Ministry said technical talks between the two sides had resumed to work out a solution that would see tariffs suspended or reduced in exchange for companies agreeing to a minimum price for selling electric vehicles in the 27-member bloc.

However, the talks broke down amid disagreements over how to implement such a deal. Negotiations between the two sides are expected to continue even after the new tariffs are imposed.

* Immediately after the EU announced the above, the German Ministry of Economy voiced support for negotiations with China and hoped for a diplomatic solution to reduce trade tensions.

According to the ministry, Berlin is committed to maintaining open markets and is continuing to work towards a negotiated outcome with Beijing.

“The Federal Government supports open markets. Because Germany in particular, as a globally connected economy, depends on this,” the German Economy Ministry said.

Source: https://baoquocte.vn/eu-chinh-thuc-xuong-tay-voi-xe-dien-trung-quoc-muc-thue-cao-nhat-toi-353-duc-lap-tuc-neu-quan-diem-291857.html