EU Approves 45% Tariffs on Chinese EVs, China Retaliates with 30.6-39% Brandy Tariffs

Oct 8, 2024, 05:49 AM

The European Union has approved significant tariffs on Chinese electric vehicles (EVs), aiming to protect its own EV industry with state backing. The tariffs, which could reach up to 45%, have sparked a major trade dispute with China. In response, China has imposed provisional tariffs ranging from 30.6% to 39% on European brandy imports, starting October 11. This escalation has drawn criticism from various quarters, including German automakers and the French cognac industry, which fear significant economic repercussions. VW CEO has also expressed concerns over potential retaliatory tariffs, according to Bild. The European Commission plans to challenge China's measures at the World Trade Organization (WTO). The trade tensions underscore the fragile state of EU-China economic relations and the potential for further retaliatory actions.