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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: The EU and China are negotiating a replacement for the EU’s recently imposed tariffs on Chinese-made electric vehicles (EVs), including a potential minimum price agreement
• Talks have made progress, but no final deal has been reached, as both sides seek balanced solutions
• The tariffs, introduced in October, aim to address concerns over unfair subsidies on Chinese EVs
🔭 The context: The EU raised tariffs on Chinese EVs to as high as 45.3%, targeting brands like BYD and Geely, while reducing rates on Tesla and others after investigations
• China retaliated with deposits on EU brandy imports and hinted at increasing duties on European gasoline cars, escalating trade tensions
• These moves have pressured stock prices for European automakers and beverage companies, highlighting the economic stakes
🌍 Why it matters for the planet: A resolution could stabilize global EV trade, promoting smoother collaboration on sustainable transportation
• Prolonged disputes risk slowing the adoption of EVs, critical for achieving climate goals and reducing reliance on fossil fuels.
⏭️ What's next: Negotiations are expected to continue as both sides refine proposals, with hopes for an agreement to prevent further economic fallout
• Broader trade relations could face additional pressure from external factors, including US tariff policies under President-elect Donald Trump
💬 One quote: “China could commit to offering e-cars in the EU at a minimum price. This would eliminate the distortion of competition through unfair subsidies,” - Bernd Lange, Chairman of the European Parliament’s trade committee
📈 One stat: The EU’s tariffs on Chinese-made EVs increased to 45.3% starting October 30, affecting brands like BYD (17%) and Geely (18.8%)
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