- The European Union will impose high import duties on Chinese electric cars starting on Friday, aimed at addressing what it perceives as unfair competition resulting from Chinese government subsidies to its manufacturers.
- The penalty levies range from 17.4 percent for BYD, a major sponsor of the European Football Championship, to 37.6 percent for SAIC. Other manufacturers face charges of 20.8 percent, which can be reduced to 37.6 percent in case of a lack of cooperation.
- The provisional levies will be set aside if an agreement is reached between Brussels and Beijing within the next four months. If no improvement is observed, the measures will come into effect for five years, with the possibility of being stopped by a large majority of EU countries. However, Chinese retaliation seems unlikely at present. Talks between the EU and China on the trade conflict will continue, with a focus on finding a solution.
Source Taxlive
