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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Chinese automakers want 25% EU tariff – state media

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image credit:psyc.org

Chinese automakers allegedly demanded 25% import taxes on EU rivals’ automobiles if tariffs are imposed on Chinese vehicles during a closed-door meeting.
European carmakers demanded it at China’s Ministry of Commerce’s closed-door meeting.
This legislation targets EU cars with large petrol engines.
Last week, the EU threatened Chinese EV firms with 38% tariffs beginning July 4.
CCTV’s social media feed reported four Chinese and six European automakers at the Beijing meeting.
Volkswagen said BBC it attended the conference but would not comment on the topics.
BMW and Porsche, among other European companies, declined BBC requests for comment.
“China’s car companies called on the government to adopt firm countermeasures against the EU,” the survey said.
“It is suggested that within the limits allowed by Word Trade Organization rules, a higher provisional tariff be imposed on large-displacement petrol vehicles imported from Europe.”
Last month, the state-run Global Times proposed 25% taxes on gasoline cars above 2.5 liters.
For “luxury or ultra-luxury” cars, “an additional tax is not likely to make much of a difference on volumes,” Automobility expert Bill Russo told the BBC.

The European Commission (EC) “provisionally concluded” on Monday that Chinese EV companies may face tariffs “should discussions with Chinese authorities not lead to an effective solution.”
Compliance with the October inquiry would cost firms 21%, while noncompliance might cost 38.1%.
These levies would supplement China’s 10% electric car tax.
Last month, the US brazenly hiked its tariff on Chinese electric cars from 25% to 100%, prompting EU intervention.
Chinese officials have called the judgments protectionist and retaliated.
China started scrutinizing European pork supplies last week.
China started probing EU and US chemical exports last month.

 


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