European Union Tariff War on China
Today, we are taking a break from the Ukraine War and the Hamas and Israel War.
This article focuses on the growing trade war between the West and China, specifically on the European Union (EU) front.
That is just the EU, not the European continent, because one is a political and economic union, and the other is a continent.
Specifically, we’ll examine the EU’s attempts to limit Chinese involvement in their electric vehicle markets (EV).
With the US imposing 100% tariffs and the EU around 50%, the Chinese EV industry is being pushed into a corner, facing significant challenges.
The European Union has announced that it has imposed extra duties of up to 37.6 per cent on imports of electric vehicles (EVs) made in China, despite Beijing’s warnings that the move would unleash a trade war.
Big European companies, such as Volkswagen, Europe’s biggest carmaker, have criticised the move. Volkswagen warns that extra duties will not strengthen Europe’s auto industry.
The Chinese are limited by their dependence on foreign imports, and their attempts to restrict exports of materials like gallium have backfired.
Gallium is needed to create semiconductor chips, and the market for it is growing, going from $126 million in…
