Philip Blenkinsop of Reuters reports that the extra tariffs on Chinese EV imports to the European Union were formally approved and published in the EU’s Official Journal on Tuesday, meaning they will take effect on Wednesday. Blenkinsop writes:
The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing.
Just over a year after launching its anti-subsidy probe, the European Commission will set out extra tariffs ranging from 7.8% for Tesla to 35.3% for China’s SAIC, on top of the EU’s standard 10% car import duty. […]
It says China’s spare production capacity of 3 million EVs per year is twice the size of the EU market. Given 100% tariffs in the United States and Canada, the most obvious outlet for those EVs is Europe. […]
It remains to be seen what impact tariffs will have on consumer prices. Some producers may be able to absorb them at least partially.
In the first nine months of 2024, China’s EV exports to the EU were down 7% from a year earlier, but they have surged by more than a third in August and September, ahead of the tariffs, data from the China Passenger Car Association show.
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