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The European Commission announced that it will impose a temporary tariff of up to 38.1% on electric vehicles imported from China, which may be implemented before July.
BYD (01211) will be subject to a tariff of 17.4%, Geely Automobile (00175) will be subject to a tariff of 20%, SAIC will be subject to a tariff of 38.1%; other companies that cooperate with the investigation will face a tariff of 21%, and companies that do not cooperate with the investigation will face a tariff of 38.1%.
When asked about the EU’s taxation at a regular press conference today, Chinese Foreign Ministry spokesman Lin Jian said that this anti-subsidy investigation is a typical protectionism. The EU has imposed tariffs on electric vehicles imported from China on this ground, which will damage China-EU economic and trade cooperation and the stability of the global automobile production and supply chain, and will ultimately damage Europe’s own interests. China will take all necessary measures to firmly safeguard its legitimate rights and interests.
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