EU to Slap Tariffs of Up to 48% on EV Imports From China.

The European Union (EU) will impose additional tariffs on electric cars imported from China, with levies reaching up to 48%. The move is a response to an investigation into subsidies and aims to address trade tensions and the rising cost of purchasing electric vehicles (EVs). Chinese EV manufacturers, such as BYD, Geely, and SAIC, will be affected the most, but Western carmakers like Tesla, BMW, and Renault will also face higher costs. The tariffs are expected to reduce imports from China by a quarter, amounting to approximately $4 billion. China has threatened retaliation across various sectors, including agriculture, aviation, and cars with large engines. The EU's decision comes as it balances protecting its car industry and promoting green technologies. German automakers, including Volkswagen and BMW, would be particularly impacted by a trade dispute. Western manufacturers have criticized the tariffs, and the EU's move follows the US's introduction of a 100% duty on Chinese EV imports. The final duty levels will be adopted by November. The outlook for EV sales has dimmed, with BloombergNEF reducing its battery-electric sales projections. China is expected to continue dominating the EV market, prompting higher tariffs from the US and the EU. China has urged the EU to refrain from imposing penalties and has threatened to levy tariffs as high as 25% on imported cars with large engines. The EU argues that its procedure is based on World Trade Organization (WTO) rules. [Extracted from the article]