By South China Morning Post | Created at 2024-10-30 04:49:39 | Updated at 2024-10-30 13:20:10
8 hours ago
A trade war between China and the European Union was set to intensify after Beijing said it had lodged a complaint with the World Trade Organization following a move by the European Union to hike tariffs on Chinese-made electric vehicles.
China’s commerce ministry on Wednesday said in a statement that it “does not agree with or accept” the EU’s decision to proceed with extra duties on the EVs after the conclusion of an anti-subsidy probe that began last year.
A final ruling published by the European Commission on Tuesday stated that a top rate of 35.3 per cent would be applied to EVs from Chinese state-owned company SAIC Motor and its subsidiaries, in addition to a baseline 10 per cent duty that applies to all EV imports.
Major Chinese carmakers BYD and Geely were set to face extra duties of 17 per cent and 18.8 per cent respectively. The extra tariffs were to take effect as early as Wednesday and would last for five years.
“China will continue to take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies,” the ministry said after filing the complaint with the WTO’s dispute settlement mechanism.
The ministry said China advocates resolving trade conflicts through dialogue, adding that it was conducting a “new phase of consultations” with the European bloc.
