European Union Announces , Higher Tariffs on Chinese EVs.<br />On June 12, the EU said it will <br />impose higher tariffs on imports of <br />Chinese electric vehicles (EVs), CNBC reports. .<br />The increase in tariffs is the result of a <br />probe launched by the EU in October.<br />According to the EU, the Chinese imports benefit "heavily from unfair subsidies" and threaten "economic injury" to European EV producers.<br />The influx of subsidized Chinese imports <br />at artificially low prices therefore <br />presents a threat of clearly foreseeable <br />and imminent injury to EU industry, European Commission, via statement.<br />A 38.1% tariff will be imposed on battery electric vehicle producers who refused to cooperate with the bloc's investigation.<br />A 21% tariff will be implemented for carmakers in China who complied <br />but have yet to be "sampled.".<br />On June 11, a spokesperson for China's Ministry of Commerce called the higher <br />tariffs a "protectionist act.".<br />The findings disclosed in the EU <br />ruling lack factual and legal basis, Spokesperson for China's Ministry of Commerce, via statement.<br />This is a naked protectionist act, <br />creating and escalating trade <br />frictions, and 'destroying fair <br />competition' in the name of <br />'maintaining fair competition.' , Spokesperson for China's Ministry of Commerce, via statement.<br />This move by the EU not only damages the <br />legitimate rights and interests of China’s <br />electric vehicle industry, but will also disrupt <br />and distort the global automotive industry <br />chain supply chain, including the EU, Spokesperson for China's Ministry of Commerce, via statement
