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EU threatens additional tariffs on Chinese electric cars

Sky News Wednesday, 12 June 2024 ()
China's electric cars face additional EU tariffs of up to 38% from next month as the vehicles benefit from "unfair" state subsidies, according to a provisional ruling by the European Commission.
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News video: EU to slap extra tariffs on Chinese electric cars in a bid to close competition gap

EU to slap extra tariffs on Chinese electric cars in a bid to close competition gap 02:27

The European Commission's anti-subsidy inquiry into Chinese electric vehicles has been described as one of the most consequential of its kind.

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China Accuses EU of Unjustified Tariff Hike on Electric Vehicles [Video]

China Accuses EU of Unjustified Tariff Hike on Electric Vehicles

China Accuses EU , of Unjustified Tariff Hike , on Electric Vehicles. 'The Independent' reports that China's Commerce Ministry has accused the European Union of conducting an unreasonable investigation and implementing an unjustified increase in tariffs. . 'The Independent' reports that China's Commerce Ministry has accused the European Union of conducting an unreasonable investigation and implementing an unjustified increase in tariffs. . On June 20, ministry spokesman He Yadong accused the EU of demanding an excessive amount of information from Chinese automakers. . The types, scope, and amount of information collected by the European side are unprecedented, far exceeding the requirements of anti-subsidy investigations, He Yadong, China's Commerce ministry spokesman, via 'The Independent' . According to He, this information included details on everything from manufacturing to product formulas from Chinese electric car and battery producers. After Chinese companies did their best to cooperate with the investigation and provided information, .., He Yadong, China's Commerce ministry spokesman, via 'The Independent' . ... the European Commission still unreasonably accused Chinese companies of not fully cooperating and imposed punitive high tax rates, He Yadong, China's Commerce ministry spokesman, via 'The Independent' . He added that Chinese companies involved with the investigation were left feeling "shocked and disappointed.". The spokesman went on to state that any additional measures or provisional increases in tariffs lack a "factual and legal basis.". 'The Independent' reports that the EU plans to impose new provisional tariffs between 17.4% and 38.1% on Chinese EVs starting on July 4. . Those tariffs would apply to all foreign brands of electric vehicles exported to the EU, including Tesla. . The EU has stated that it wants to discuss its investigation with authorities in China and seek a way to resolve any issues.

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G7 Agrees to Use $50 Billion in Frozen Russian Assets to Fund Ukraine

G7 Agrees to Use $50 Billion , in Frozen Russian Assets , to Fund Ukraine. 'The Independent' reports that G7 leaders reached a deal to repurpose profits from frozen Russian assets worth about $50 billion to support Ukraine. 'The Independent' reports that G7 leaders reached a deal to repurpose profits from frozen Russian assets worth about $50 billion to support Ukraine. The decision was made after Ukrainian President Volodymyr Zelensky said he expected the group to make some "important decisions" at the summit in Italy. G7 members agreed to provide funds with profits earned on Russia's frozen central bank assets, most of which are held by the European Union, as collateral. . G7 members agreed to provide funds with profits earned on Russia's frozen central bank assets, most of which are held by the European Union, as collateral. . Leaders expressed that the agreement was meant to show unity in the face of Russian aggression in Ukraine. It’s a very strong message to Putin that Putin cannot outlast us, and we will stand by Ukraine as long as it takes, Ursula von der Leyen, European Commission president, via 'The Independent'. It is not European taxpayers that are paying for the Russian damage [in Ukraine] but it is Russia, Ursula von der Leyen, European Commission president, via 'The Independent'. 'The Independent' reports that the measure relies upon dividends and maturities from approximately $300 billion in assets frozen when Russia invaded Ukraine in 2022. 'The Independent' reports that the measure relies upon dividends and maturities from approximately $300 billion in assets frozen when Russia invaded Ukraine in 2022. The decision comes as a major boost for Ukraine as Kyiv fights through a grueling 2024 against a better-equipped Russia. Finally, we see the first step of fairness in making sure that the aggressor, and not the good people from countries that support us, are paying for Ukraine’s victory, Kira Rudik, Opposition leader in Kyiv’s parliament, the Verkhovna Rada, via 'The Independent'. We applaud this step. We hope that it is only the first of many more steps. And we will use this money wisely, Kira Rudik, Opposition leader in Kyiv’s parliament, the Verkhovna Rada, via 'The Independent'

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