The state-run Global Times newspaper reported on Wednesday that Chinese automakers have pushed Beijing to increase taxes on imported European gasoline-powered automobiles as retaliation for Brussels' move to impose restrictions on Chinese electric vehicle exports.
The article stated that Chinese automakers and industry associations proposed that the government increase duties on big gasoline-powered vehicles imported from the European Union during a closed-door meeting on Tuesday that was also attended by European manufacturers.
EU trade policy is becoming more protectionist as a result of worries that China's debt-driven, production-focused economic model may result in an oversupply of low-cost goods, particularly electric vehicles (EVs), into the 27-member union as Chinese companies seek out opportunities abroad due to sluggish domestic demand.
Following the United States' May tariff hike on Chinese autos, the European Commission announced on June 12 that it would impose anti-subsidy duties of up to 38.1% on imported Chinese electric vehicles (EVs) starting in July. This move creates a new front in the West's trade war with Beijing, which started with Washington's initial import tariffs in 2018.
Citing an industry expert, the Global Times first revealed late last month that China was considering raising its import duties on big gasoline-powered automobiles to 25%. The suggestion came from an auto research institute associated with the Chinese government.
Car import tariffs into China are now 15%.
Chinese officials have already made suggestions about potential punitive actions in talks with business leaders and state media commentary.
The Chinese commerce ministry confirmed on Monday that it will launch an anti-dumping probe against European pork goods, which was suggested by the same publication last month. Beijing has also been encouraged to investigate EU dairy imports.
(Source:www.investing.com)
The article stated that Chinese automakers and industry associations proposed that the government increase duties on big gasoline-powered vehicles imported from the European Union during a closed-door meeting on Tuesday that was also attended by European manufacturers.
EU trade policy is becoming more protectionist as a result of worries that China's debt-driven, production-focused economic model may result in an oversupply of low-cost goods, particularly electric vehicles (EVs), into the 27-member union as Chinese companies seek out opportunities abroad due to sluggish domestic demand.
Following the United States' May tariff hike on Chinese autos, the European Commission announced on June 12 that it would impose anti-subsidy duties of up to 38.1% on imported Chinese electric vehicles (EVs) starting in July. This move creates a new front in the West's trade war with Beijing, which started with Washington's initial import tariffs in 2018.
Citing an industry expert, the Global Times first revealed late last month that China was considering raising its import duties on big gasoline-powered automobiles to 25%. The suggestion came from an auto research institute associated with the Chinese government.
Car import tariffs into China are now 15%.
Chinese officials have already made suggestions about potential punitive actions in talks with business leaders and state media commentary.
The Chinese commerce ministry confirmed on Monday that it will launch an anti-dumping probe against European pork goods, which was suggested by the same publication last month. Beijing has also been encouraged to investigate EU dairy imports.
(Source:www.investing.com)