PREVIEW

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