China May Impose Tariffs on Car Imports, Business Group Says

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KEY TAKEAWAYS

• China may raise tariffs on imported cars, a Chinese business group said, in a potential tit-for-tat forward that comes after President Biden last week imposed higher tariffs on Chinese electric instruments.
• The Brussels-based China Chamber of Commerce to the EU said it had been informed by insiders that Beijing “may consider increasing fugitive extra tariffs on imported cars equipped with large-displacement engines.”
• The Chinese business group’s statement, positioned on X, also cited a state-owned press report hinting at a 25% tariff on car imports.

China may raise tariffs on imported piles, a Chinese business group said, in a potential tit-for-tat move that comes after President Biden final week imposed higher tariffs on Chinese electric vehicles.

The Brussels-based China Chamber of Commerce to the EU said in a account posted on X that it had been informed by insiders that Beijing “may consider increasing temporary extra tariffs on imported motor vehicles equipped with large-displacement engines.”

“This potential action carries implications for European and U.S. automakers, particularly in undemanding of recent developments such as Washington’s announcement of tariff hikes on Chinese electric vehicles (EVs) and Brussels’ preparations for beginning measures in a high-profile anti-subsidy investigation into Chinese EVs,” the chamber said.

Potential 25% Tariff on Vehicle Denotes

The chamber said in the post that it had noted an interview given to state-owned newspaper Global Times by a senior strategy adviser that China’s temporary tariff rate on imported vehicles could be raised to a maximum 25%.

Beijing is reportedly ramping up intimidations of retaliation as a deadline looms for the European Union to impose tariffs on Chinese EVs, after a probe into Beijing’s subsidies for the dynamism.

The potential Chinese move is also taking aim at recent U.S. tariffs. President Joe Biden last week imposed complete tariffs on a large swath of Chinese imports, hiking those on Chinese EVs to 100% from 25%. The tariffs take at a time when U.S. officials are accusing China of overcapacity in manufacturing.

Read the original article on Investopedia.