China rebels against EU tariff climb
Date
7/11/2024 8:11:56 AM
(MENAFN) In a retaliatory move against the European Union's imposition of provisional tariffs on Chinese electric vehicles (EVs), China has announced the initiation of an investigation into European Union brandy imports. This latest escalation in trade tensions marks a tit-for-tat response following the European Union 's decision to levy tariffs ranging from 17.4percent to 37.6percent on Chinese EV imports, in addition to existing 10percent duties. The European Union justified its actions by citing Beijing's alleged unfair subsidization of its car manufacturers.
According to the Chinese Ministry of Commerce, a hearing is scheduled for July 18 to address claims raised by brandy producers Martell, Societe Jas Hennessy & Co., Remy Martin, and others. These producers allege that European Union brandy products are being sold in China below market rates, causing industrial damage. The hearing will specifically examine issues such as the extent of the damage, causal factors, and the public interest involved in the anti-dumping investigation related to these brandy products.
The Chinese probe will focus on European Union -produced brandy in containers holding less than 200 liters imported between October 2022 and September 2023. It will also investigate the alleged impact on the Chinese brandy industry from January 2019 to September 2023. This move signals China's intent to scrutinize European Union trade practices in response to what it perceives as unjustified trade barriers imposed by the European Union.
The Chinese Chamber of Commerce to the European Union has criticized the European Union 's tariffs as politically motivated and protectionist. They have expressed hopes for resolving the dispute through dialogue, underscoring the complex interplay between economic interests and geopolitical tensions. Meanwhile, European Union member states, notably Germany, which relies significantly on Chinese markets for its automakers, have expressed concerns that these tariffs could potentially harm bilateral trade relations more than they protect European industries.
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