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Tesla stock reaction to EU tariffs by end of 2024?
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European Union•China•Chinese•China Commerce Ministry•EU•Chinese Chamber of Commerce•European•Chinese EV•Tesla•BYD•Chinese Commerce Ministry
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EU Announces 38% Tariffs on Chinese EVs, Including Tesla and BYD, Sparking Backlash
Jun 12, 2024, 10:28 AM
The European Union has announced additional tariffs of up to 38.1% on electric vehicles (EVs) imported from China, a move that has sparked significant backlash from Chinese authorities and industry groups. The China Commerce Ministry has urged the EU to correct what it calls 'wrongdoings' and has vowed to take all necessary measures to protect the rights of Chinese firms. The Chinese Chamber of Commerce to the EU expressed 'shock and grave disappointment' over the decision, highlighting concerns that these tariffs will pose serious barriers to trade. European carmakers are also apprehensive, fearing potential retaliation from China. The tariffs are set to take effect next month, with one Chinese EV producer, Tesla, potentially receiving an individually calculated duty rate at a later stage. Stocks of Chinese EV manufacturers, including BYD, have fallen following the announcement. The Chinese Commerce Ministry has also indicated that the EU's decision will affect bilateral ties and has stated that Chinese industries are 'deeply disappointed' with the move.
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