Commodities and Futures News

Chinese automakers seek retaliatory tariffs on EU cars, state media reports

2024.06.19 01:51

BEIJING (Reuters) – Chinese automakers have urged Beijing to retaliate against Brussels’ decision to place curbs on Chinese electric vehicle exports by raising tariffs on imported European gasoline-powered cars, the state-backed Global Times newspaper said on Wednesday.

In a closed-door meeting on Tuesday also attended by European automakers, Chinese car companies and industry groups suggested authorities hike tariffs on large gasoline-powered vehicles imported from the European Union, the report said.

EU trade policy is turning increasingly protective owing to concerns China’s production-focused, debt-driven development model could see the 27-member bloc flooded with cheap goods, including EVs, as Chinese firms look overseas due to weak domestic demand.

The European Commission’s June 12 announcement that it would impose anti-subsidy duties of up to 38.1% on imported Chinese EVs from July follows the United States hiking tariffs on Chinese cars in May, and opens a new front in the West’s trade war with Beijing, which began with Washington’s initial import tariffs in 2018.

The Global Times first reported late last month that a Chinese government-affiliated auto research centre was suggesting China raise its import tariffs on large gasoline-powered cars to 25%, citing an industry expert.

China’s current import tariff for cars is 15%.

© Reuters. FILE PHOTO: An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. REUTERS/Jason Lee/File Photo

Chinese authorities have previously hinted at possible retaliatory measures through state media commentaries and interviews with industry figures.

The same newspaper last month also hinted that Chinese firms planned to ask authorities to open an anti-dumping investigation into European pork products, which China’s commerce ministry on Monday announced it would undertake. It has also urged Beijing to look into EU dairy imports.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 94,488.32 1.36%
ethereum
Ethereum (ETH) $ 3,411.17 2.27%
tether
Tether (USDT) $ 0.999381 0.08%
xrp
XRP (XRP) $ 2.25 2.11%
bnb
BNB (BNB) $ 685.92 1.31%
solana
Solana (SOL) $ 191.97 4.83%
dogecoin
Dogecoin (DOGE) $ 0.321968 2.48%
usd-coin
USDC (USDC) $ 1.00 0.29%
staked-ether
Lido Staked Ether (STETH) $ 3,402.78 2.20%
cardano
Cardano (ADA) $ 0.901367 1.18%
tron
TRON (TRX) $ 0.252864 1.16%
avalanche-2
Avalanche (AVAX) $ 39.28 6.87%
chainlink
Chainlink (LINK) $ 24.08 5.52%
the-open-network
Toncoin (TON) $ 5.68 4.52%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,045.18 2.10%
sui
Sui (SUI) $ 4.55 5.58%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 3.06%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,121.22 1.39%
hedera-hashgraph
Hedera (HBAR) $ 0.30714 12.00%
stellar
Stellar (XLM) $ 0.37384 4.62%
polkadot
Polkadot (DOT) $ 7.30 4.44%
hyperliquid
Hyperliquid (HYPE) $ 28.12 3.76%
weth
WETH (WETH) $ 3,406.71 2.16%
bitcoin-cash
Bitcoin Cash (BCH) $ 465.35 5.12%
leo-token
LEO Token (LEO) $ 9.43 0.03%
uniswap
Uniswap (UNI) $ 13.93 1.70%
litecoin
Litecoin (LTC) $ 107.26 4.58%
pepe
Pepe (PEPE) $ 0.000018 2.79%
bitget-token
Bitget Token (BGB) $ 4.88 17.43%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,597.42 2.27%
near
NEAR Protocol (NEAR) $ 5.48 7.01%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.26%
aave
Aave (AAVE) $ 375.00 11.87%
usds
USDS (USDS) $ 1.00 0.07%
aptos
Aptos (APT) $ 9.45 3.09%
internet-computer
Internet Computer (ICP) $ 10.83 7.18%
crypto-com-chain
Cronos (CRO) $ 0.161719 4.53%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.506093 5.63%
ethereum-classic
Ethereum Classic (ETC) $ 27.32 3.31%
mantle
Mantle (MNT) $ 1.20 0.89%
vechain
VeChain (VET) $ 0.04946 6.75%
render-token
Render (RENDER) $ 7.71 7.87%
bittensor
Bittensor (TAO) $ 494.93 8.68%
mantra-dao
MANTRA (OM) $ 3.76 6.16%
whitebit
WhiteBIT Coin (WBT) $ 24.45 0.10%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 5.58%
monero
Monero (XMR) $ 188.21 2.03%
dai
Dai (DAI) $ 1.00 0.25%
arbitrum
Arbitrum (ARB) $ 0.804415 5.38%
filecoin
Filecoin (FIL) $ 5.21 5.75%