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EU to Impose Multibillion-Euro Tariffs of Up to 38.1% on Chinese EVs Starting July 4th

Jun 12, 2024, 10:07 AM

The European Union is set to impose multibillion-euro tariffs on Chinese electric vehicles (EVs) starting on July 4th. The European Commission will notify carmakers that it will apply additional duties ranging from 17.4% to 38.1% on imported Chinese EVs. The tariffs are a response to concerns that Chinese manufacturers benefit from unfair subsidies. Specific tariffs include 17.4% for BYD, 20% for Geely, and 38.1% for SAIC, with a general rate of 21% for other companies that cooperated with the EU investigation and 38.1% for non-cooperating firms. The move has drawn strong opposition from China, with the Chinese Foreign Ministry and the China Chamber of Commerce expressing deep dissatisfaction and warning of potential retaliatory measures. The decision is expected to escalate trade tensions between the EU and China. The tariffs also affect Tesla, which produces EVs in China.