China has quickly hit back at the European Union’s plans to launch an investigation into electric vehicle subsidies, with a leading Communist Party newspaper saying European consumers will suffer and signaling retaliatory steps may be taken.
European Commission President Ursula von der Leyen on Wednesday said that the global market is overrun with cheap Chinese cars kept “artificially low by huge state subsidies” and that the bloc will fight back.
“Clearly, Europe is afraid,” the commentary said. “They are afraid of competition from China, so they want to seek trade protectionism as a protective umbrella for European automakers who are slowly transitioning toward electrification. If unfair action is taken by the EU, China has various tools to use as countermeasures to protect the legal interests of Chinese firms.”
The China Chamber of Commerce to the EU pushed a similar line, saying the substantial industrial edge of Chinese EV makers is a result of concerted innovative efforts from both upstream and downstream players.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Taiwan Warns China Pressure to Rise as PLA Sets Warship RecordTaiwan warned that China will ratchet up the military pressure it has been applying in recent years, a view that comes as Beijing sailed a record number of warships near the island.
Read more »
EU announces an investigation into Chinese subsidies for electric vehiclesBRUSSELS (AP) — The European Union is launching an investigation into subsidies that China provides to electric vehicle makers, the head of the bloc’s executive branch said Wednesday, as concern grows that the aid is harming European companies. “Global markets are now flooded with cheaper Chinese electric cars, and their price is kept artificially low by huge state subsidies. This is distorting our market,” European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, Franc
Read more »
European Stocks Steady Ahead of US Inflation Data; Smurfit FallsEuropean stocks opened slightly higher as investors awaited key US inflation data on Wednesday for clues on the Federal Reserve’s policy outlook. Smurfit Kappa Group Plc fell sharply after it agreed to combine with rival packaging company WestRock Co. in an $11.2 billion deal.
Read more »
European shares edge higher; softer pound lifts UK's FTSE 100(Reuters) - European shares inched higher on Tuesday, tracking overnight gains on Wall Street, while Britain's export-focussed FTSE 100 was supported ...
Read more »
Traffic at Spain's Aena airports outperforms European peers(Reuters) - Passenger traffic at Spain's Aena airports exceeded pre-pandemic levels for an eighth consecutive month in August, while traffic in other ...
Read more »
Investors See European Stocks Rising Over Next Year, BofA SaysThe outlook for European stocks is growing rosier as worries over a recession ease, according to Bank of America Corp’s latest survey of fund managers, which predicts the region’s equities will advance over the next year.
Read more »