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

Oct 8, 2024, 07:10 AM

The European Union has decided to impose tariffs on Chinese electric vehicles, which has sparked significant backlash and concerns about protectionism. The tariffs, which could be as high as 45%, are aimed at countering what the EU perceives as unfair subsidies on Chinese EVs. This move has been criticized by various stakeholders, including German automakers and trade analysts, who argue that it could harm the EU economies and stifle technological growth. In response, Beijing has announced provisional tariffs ranging from 30.6% to 39% on European brandy, effective from October 11, escalating the trade dispute. The Chinese Ministry of Commerce stated that these measures are to defend the interests of Chinese companies. The European Commission has vowed to challenge China's anti-dumping measures at the WTO, while French cognac producers, including Remy Cointreau and Pernod Ricard, have expressed deep concerns over the potential impact on their industry.