9,626.56 TRY BIST 100 BIST 100
4.85 CNY CNY CNY
35.17 USD USD USD
36.61 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.41 TRY Interest Interest
73.03 USD Fossil Oil Fossil Oil
29.72 USD Silver Silver
4.09 USD Copper Copper
100.31 USD Iron Ore Iron Ore
355.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,620.19 TRY Gold (gr) Gold (gr)

EU countries supported the imposition of tariffs of up to 45% on electric cars made in China

European Union (EU) member states announced their support for a proposal to impose tariffs of up to 45 percent on Chinese electric cars.

EU countries supported the imposition of tariffs of up to 45% on electric cars made in China

The EU Commission announced that this proposal has received the necessary level of support from member states. “The adoption of the EU Commission's proposal to impose final countervailing duties on imports of electric cars from China has received the necessary support from EU countries,” the statement said.

This decision is considered an important step in the completion of the commission's anti-subsidy investigation. The statement noted that the EU and China continue to work on alternative solutions in line with World Trade Organization (WTO) rules. The implementing regulation containing the final findings of the investigation will be published in the EU Official Journal by October 30, 2024 at the latest.

The Commission's proposal can be blocked if a qualified majority of 15 member states, representing 65 percent of the EU population, vote against it. Germany and Hungary oppose the additional tax, which is supported by France and Italy.

In recent years, the share of Chinese manufacturers in electric cars sold in European countries has been increasing rapidly, while low-priced and subsidized electric cars produced in China were leaving their competitors behind.

The EU Commission announced in July that it would impose a temporary additional tax on the import of Chinese electric cars into EU member states. Previously, the EU imposed a 10 percent tax on electric vehicles imported from China. With the new regulation, an additional tax of 7.8 percent is expected to be imposed on Tesla's models produced in China, 17 percent on BYD and 18.8 percent on Geely. Manufacturers that cooperated in the investigation but were not listed are planned to be taxed 20.7 percent, while SAIC and other non-cooperating companies are planned to be taxed 35.3 percent.

Additional taxes of up to 45 percent are expected to start to be collected in early November. This could lead to significant changes in the European automotive market and is hoped to provide a competitive advantage to domestic manufacturers.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Emirates Steel has announced a price increase for its rebar products

Tuesday, December 24, 2024

An agreement has been signed on the full restoration of the Donetsk Metallurgical Plant

Tuesday, December 24, 2024

Egypt invites Canadian investments to boost industrial growth

Tuesday, December 24, 2024

India’s steel imports hit record high

Tuesday, December 24, 2024

South Korea's crude steel production declines in November

Monday, December 23, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now