FX.co ★ EU slaps extra tariffs of up to 35.3% on Chinese EVs

The battle for electric vehicles intensifies! On October 29, the European Commission reportedly decided to impose additional tariffs of up to 35.3% on Chinese-made electric cars, making the import of these vehicles much more difficult.

According to officials, tariffs on Chinese electric cars will vary depending on the manufacturer, with these measures set to remain in effect for five years.

At the same time, the European Commission stressed that Europe would continue to engage intensively with the Chinese authorities to seek an acceptable solution.

Earlier, Beijing promised to respond to the EU's electric vehicle tariffs with a range of retaliatory measures. According to the Chinese government, European suppliers would have to pay an additional "guarantee amount," a de facto tariff ranging from 30.6% to 39%.

French authorities reacted by announcing their intention to challenge China over its import duties on brandy, labeling them "unjustifiably high" and "politically motivated." China's anti-dumping measures against brandy imports are seen as a "retaliatory act," yet officials describe them as unwarranted.