Chinese companies are urging the government to slap retaliatory measures on European goods after the bloc imposed up to 38% tariffs on China's electric vehicle imports early this week.
Trade tensions between two of the world’s major trading partners have been soaring as China’s EVs are flooding European markets, threatening to uproot domestic players with high-quality and low-cost alternatives. China argues that its EVs are simply superior products and that the tariffs are unfair. As a result, Europe and China are now exchanging trade blows.
After the U.S. slapped 100% tariffs on Chinese vehicle imports last month, the European Union followed with its own set of tariffs of up to 38% this week. Far lower than the U.S., but still damaging for an industry operating on slim margins. China, home to the world's largest car market, isn't sitting quietly.
China’s state-owned newspaper, Global Times, reported yesterday that Chinese companies will file an application with authorities to launch an “anti-dumping probe” into certain EU pork and dairy products. Reuters said, citing data from the European Commission's Directorate-General for Agriculture and Rural Development, that the EU exports dairy products worth $1.8 billion to China annually.
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