EU Moves Forward with Tariffs on Chinese EVs Following Member Vote

EU Moves Forward with Tariffs on Chinese EVs Following Member Vote

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The European Commission announced it has secured enough support to impose tariffs of up to 45% on imports of Chinese-made electric vehicles, marking a significant trade decision that could provoke retaliation from Beijing.

The tariffs, aimed at countering what the EU considers unfair Chinese subsidies, will be in place for the next five years following a year-long anti-subsidy investigation.

In the vote, 10 EU members supported the tariffs, while five opposed and 12 abstained.

This article was written by Ryan Paisey at www.forexlive.com.