Italy has revealed that it supports the European Union’s (EU) decision to impose import tariffs on electric cars manufactured in China. The European Commission levied import tariffs of up to 38% on Chinese electric vehicles after a probe by the commission found that China’s decade-long EV subsidy program gave Chinese automakers an unfair advantage over western carmakers.
With the U.S. auto market virtually closed off to Chinese EVs, they began flooding into the EU and threatened to outcompete European carmakers in their markets. However, the EU’s recent 38% tariff on Chinese EVs means that China can’t sell cheap electric cars at low prices in the EU, robbing them of the only advantage that made them more attractive than western-made vehicles.
Italian foreign minister Antonio Tajani now says that the country supports the import duties levied on Chinese EVs as they ensure carmakers in Italy will remain competitive. Speaking before he had a meeting with the Chinese commerce minister Wang Wentao in Paris, Tajani made it clear that Italy supports the electric vehicle tariffs EU leadership has imposed on Chinese electric cars.
On the other hand, China has denounced the import tariffs placed on its electric vehicle exports, and Wentao is now touring Europe and discussing the EU’s ongoing antisubsidy probe against electric cars manufactured in China. These discussions are even more relevant now that the EU is set to vote on whether it should impose more tariffs on Chinese EVs.
While Wentao still hasn’t made any public electric vehicle-related statement, Italy’s Tajani said the two ministers also discussed issues such as protecting intellectual property, investment and trade in the agriculture and food segment. The two also weighed in on the ongoing Russia-Ukraine war as well as the crises in both the Red Sea and Gaza.
Tajani noted that the two ministers want to develop an equity-based trade plan that ensures Italian products have “equal access” to Chinese markets and Italian companies can compete on an equal footing with companies based in China. Still, Italy’s public support of the EU’s import tariffs could throw a spanner into the works as the two nations work to create a mutually beneficial relationship.
China is now locked out of both the United States and Canada, two of the most lucrative auto markets on the globe after both countries imposed 100% import tariffs on its electric cars. The European Commission has also made it extremely difficult for Chinese companies to sell their affordable EVs in the EU with tariffs of up to 38% and may even impose steeper tariffs such as the U.S. and Canada in the near future, leaving Beijing scrambling for an alternative market for the country’s EV surplus.
With iconic Italian automakers such as Ferrari N.V. (NYSE: RACE) also joining the EV manufacturing space, the Italian government’s decision to back the EU tariffs on Chinese EVs may be intended to give its domestic industry a smooth entry into the market without undue pressure from heavily subsidized imports from China.
About GreenCarStocks
GreenCarStocks (“GCS”) is a specialized communications platform with a focus on electric vehicles (“EVs”) and the green energy sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled recognition and brand awareness. GCS is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from GreenCarStocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.GreenCarStocks.com
Please see full terms of use and disclaimers on the GreenCarStocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
GreenCarStocks
Los Angeles, CA
www.GreenCarStocks.com
310.299.1717 Office
[email protected]
GreenCarStocks is powered by IBN
