EU Announces Higher Tariffs of Up To 38% On Chinese EVs

The European Union on Wednesday said it would impose higher tariffs on Chinese electric vehicle imports, which it found benefit "heavily from unfair subsidies" and pose a "threat of economic injury" to EV producers in Europe. CNBC reports: On a preliminary basis, the European Commission, the executive arm of the EU, concluded that the battery-electric vehicles value chain in China "benefits from unfair subsidization" and pronounced that it is in the EU's interest to impose "provisional countervailing duties" on BEV imports from China. The additional tariffs are the result of an EU probe that began in October. The duties are currently provisional, but will be introduced from July 4 in the event of unfruitful talks with Chinese authorities to reach a resolution, the commission said in a statement. Definitive measures will be placed within four months of the imposition of provisional duties. [...] The bloc is imposing a 38.1% tariff on battery-electric vehicle producers who did not cooperate with its investigation, and a lower 21% duty on carmakers in the Asian country who complied but have not been "sampled." The commission also disclosed a set of individual tariffs, which [Valdis Dombrovskis, the EU commissioner for trade, said] are linked to their cooperation with the probe and with the amount of information they supplied. Rates are lower for those companies who shared details, he added. Main Chinese BEV producer BYD was struck with a 17.4% tariff, with Geely slapped with a 20% duty. The EU has also imposed its 38.1% tariff on autos firm SAIC. All three producers were sampled in the EU probe, which is ongoing. Meanwhile, taxes on imported Chinese EVs in the United States are set to quadruple from 25% to 100%, starting this year.

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