Oct 06, 2024 09:27 AM IST
The EU’s proposed duties on EVs built in China of up to 45% are set to be imposed from next month for five years, risking retaliatory tariffs from China
The CEO of German carmaker Volkswagen said the European Union should consider adjusting planned tariffs against China-made electric vehicles to make allowances for investments made in Europe.
Also Read: Samsung India says it pays its Chennai factory workers 1.8 times over the industry average: Report
“Instead of punitive tariffs this should be about mutually giving credit for investments. Those who invest, create jobs and work with local companies should benefit when it comes to tariffs,” VW CEO Oliver Blume told Sunday paper Bild am Sonntag an interview.
The European Union will press ahead with tariffs on China-made electric vehicles, the EU executive said on Friday, even after the bloc’s largest economy Germany and German carmakers rejected them, exposing a rift over its biggest trade row with Beijing in a decade.
The proposed duties on EVs built in China of up to 45% would cost carmakers billions of extra dollars to bring cars into the bloc and are set to be imposed from next month for five years.
The Commission, which oversees the bloc’s trade policy, has said they would counter what it sees as unfair Chinese subsidies after a year-long anti-subsidy investigation, but it also said on Friday it would continue talks with Beijing.
VW’s Blume told Bild am Sonntag that there was a risk that retaliatory tariffs by China would hurt European carmakers.
Also Read: Make your own hyper-realistic podcast with AI in minutes! How Google’s Audio Overview can help you