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The original was posted on /r/worldnews by /u/donutloop on 2024-07-05 04:56:39+00:00.
EU slaps tariffs of up to 38% on Chinese electric vehicles
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.dw.com/en/eu-slaps-tariffs-of-up-to-38-on-chinese-electric-vehicles/a-69557494
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
A final decision on the tariffs is set for November as Brussels and Beijing aim to resolve the conflict through negotiations.
“So far both sides have held several rounds of technical talks over tariffs on the issue,” the Chinese Commerce Ministry said on Thursday.
“There is still a four-month window before arbitration, and we hope that the European and Chinese sides will move in the same direction, show sincerity, and push forward with the consultation process as soon as possible,” said He Yadong, a ministry spokesperson.
The threat of duties might drive Chinese automakers to invest in factories in Europe, despite higher labor and manufacturing costs compared to China.
“The negative effects of this decision outweigh any benefits for the European and especially the German automotive industry,” a Volkswagen spokesperson said in a statement.
Auto industry executives have warned that tariffs could hurt their car sales in China, where they already face tough competition from local brands.
The original article contains 652 words, the summary contains 155 words. Saved 76%. I’m a bot and I’m open source!