China Urges EU to Abide by WTO Rules and Halt Planned Tariff Increase, According to State Media

Money | June 24, 2024, 3:43 a.m.

China is urging the European Union to reconsider its decision to impose provisional tariffs on Chinese electric vehicles, following an agreement to engage in new discussions. The two sides, represented by China's commerce minister Wang Wentao and EU executive vice president Valdis Dombrovskis, are set to tackle the EU's anti-subsidy investigation into Chinese EVs. The hope is for the EU to retract its tariff decision by July 4 in adherence to World Trade Organization regulations. Failure to reach a resolution could result in duties of up to 38.1% on Chinese EV imports, in addition to the existing 10% duty. Experts warn that these actions may lead to countermeasures and mutual losses, emphasizing the significant economic and trade partnership between China and the EU. China has criticized the tariffs as protectionist and potentially non-compliant with WTO rules, calling into question the credibility of the EU's investigation.