MONEY MASTER

The European Union (EU) has decided to move forward with higher tariffs on electric vehicles (EVs) from China, intensifying trade tensions between the two economic powers. The new tariffs will peak at 45% , with the levies depending on the manufacturer and ranging from 8% to 35% on top of the existing 10% rate. The tariffs will come into effect later this week. This decision follows months of negotiations and threats of Chinese retaliation , with Beijing warning of potential consequences, including tariffs on European goods. China has already hinted at retaliatory measures, including possible actions against dairy, pork , and large-engine cars from Europe. Chinese automakers, especially BYD Co. , have rapidly grown in the global EV market, raising concerns among European carmakers such as Mercedes-Benz and BMW about potential damage to their sales in China. Volkswagen is already considering closing several factories in Germany due to the pressures in the market. The EU's...

  France, Greece, Italy, and Poland are set to vote on Friday in favor of tariffs as high as 45% on Chinese electric vehicle (EV) imports , according to sources. This vote, if passed, will likely escalate trade tensions between the European Union (EU) and China . The European Commission is conducting an anti-subsidy investigation into Chinese EVs and has proposed final tariffs, which would be imposed for five years unless a qualified majority of 15 EU countries representing 65% of the population votes against the plan. Support from France, Greece, Italy, and Poland, which represent 39% of the EU population , suggests the proposal is on track to pass. These countries have been critical of China's state subsidies for its EV industry, which EU Commission President Ursula von der Leyen argues unfairly undercut European manufacturers. While France has been a strong advocate for tariffs, German automakers, who derive nearly a third of their sales from China, have generally opposed...

China’s Commerce Minister , Wang Wentao , has stated that the European Union's (EU) imposition of tariffs on electric vehicles (EVs) will "seriously interfere" with trade and investment cooperation and negatively impact both China and Germany . During discussions on Tuesday with German Vice Chancellor and Economic Minister Robert Habeck , Wang expressed hope for a solution aligned with World Trade Organization (WTO) rules to be reached promptly, aiming to avoid escalating economic and trade frictions between China and the EU, according to a statement released by China’s Ministry of Commerce early Wednesday. The European Commission is reportedly close to proposing final tariffs of up to 35.3% on EVs built in China , in addition to the EU's standard 10% car import duty . Wang's visit to Europe is focused on addressing the EU’s anti-subsidy case against Chinese-made EVs, ahead of a decision on additional tariffs. He urged Germany to act in its own interests and en...