Chinese car companies urge higher tariffs on EU gasoline cars in response to EV export restrictions.

According to a Global Times report on Is FXCM foreign exchange platform formal?Wednesday, Chinese automakers are urging Beijing to retaliate against Brussels' decision to restrict Chinese electric vehicle exports by proposing higher tariffs on imported European gasoline cars.

The report noted that during a closed-door meeting on Tuesday, in addition to European automakers, Chinese car companies and industry groups also participated and suggested imposing higher tariffs on large gasoline cars imported from the EU.

Due to concerns that China’s production-centric, debt-driven development model may flood the 27-member bloc's market with cheap goods, including electric vehicles, EU trade policy is becoming increasingly protectionist. This is because Chinese companies, facing weak domestic demand, are seeking overseas markets.

Following the United States' tariff increase on Chinese automobiles in May, the European Commission announced on June 12 that starting from July, a countervailing duty of up to 38.1% would be imposed on imported Chinese electric vehicles, opening a new front in the trade war between the West and Beijing that began with Washington's initial import tariffs in 2018.

The Global Times first reported at the end of last month that a Chinese government-affiliated automotive research center suggested raising the import tariff on large gasoline cars to 25%, quoting industry experts.

China currently imposes a 15% import tariff on automobiles.

Chinese authorities had previously hinted at possible retaliatory measures through comments in state media and interviews with industry insiders.

The newspaper has also hinted last month that Chinese companies plan to request authorities to launch an anti-dumping investigation into European pork products, and China's Ministry of Commerce announced on Monday that it will conduct such an investigation. At the same time, it urged Beijing to consider imports of EU dairy products.

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.