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illuminem summarizes for you the essential news of the day. Read the full piece on Euractiv or enjoy below:
🗞️ Driving the news: The European Commission has reduced its proposed tariffs on Chinese-made electric vehicles (EVs), signaling a potential softening of its trade stance towards China
• The adjustments include slight reductions for carmakers BYD, Geely, and SAIC, and a substantial reduction for Tesla, whose duties dropped from 21% to 9%
🔭 The context: The tariff changes follow "substantiated" feedback from involved parties and reflect the EU's willingness to negotiate a resolution to the ongoing trade tensions with China
• This move comes after China filed a complaint with the WTO, alleging that the EU's measures violate international trade rules
🌍 Why it matters for the planet: Resolving trade disputes between major economic powers like the EU and China is crucial for global economic stability, especially in the rapidly growing green energy and EV sectors, which are key to achieving climate goals
⏭️ What's next: The revised tariffs are expected to be finalized by October 30, although the EU may implement them earlier
• Discussions with China continue, with the EU seeking a WTO-compliant solution that addresses the identified subsidies
💬 One quote: "A solution can be found, certainly, but it needs to be based on evidence," stated EU spokesperson Olof Gill
📈 One stat: Tesla's tariff was significantly reduced from 21% to 9% due to its lower rate of subsidization from the Chinese government
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