The Bible Reveals Incoming Attack on America

The signs are all around us... just as foretold in Scripture. America's greatest enemies are preparing to launch a devastating attack -- one that could cripple our economy, freeze our financial system, and send shockwaves across the globe. We've uncovered a prophetic passage that may hold the key to what's coming next. You can still protect your wealth -- before it's too late.

What to know about Europe's tariffs on Chinese electric vehicles

DAVID McHUGH and KEN MORITSUGU
October 30, 2024

FRANKFURT, Germany (AP) -- The European Union has finalized its sharply higher customs duties on electric vehicles imported from China. EVs are the latest flash point in a broader trade dispute over Chinese government subsidies and Beijing's burgeoning exports of green technology to the 27-nation bloc.

The duties took effect provisionally in July and were finalized after talks between the EU and China failed to resolve their differences. Negotiations are expected to continue, and the EU could lift the duties if an agreement is reached.

Here are some basic facts about the EU's customs duties:

What did the European Union do?

The European Commission, the EU's executive arm, conducted an eight-month investigation and concluded that companies making electric cars in China benefit from massive government help that enables them to undercut rivals in the EU on price, take a large market share and threaten European jobs.

The duties differ depending on the maker: 17% for BYD, 18.8% for Geely and 35.3% for state-owned SAIC. Other EV manufacturers in China, including Volkswagen and BMW, would be subject to a 20.7% duty. The commission has an individually calculated rate for Tesla of 7.8%.

"By adopting these proportionate and targeted measures after a rigorous investigation, we're standing up for fair market practices and for the European industrial base," European Commission Executive Vice-President Valdis Dombrovskis said.

The duties will stay in force for five years unless an amicable solution is found.

Why did the commission take action?

Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, the commission has said.

The commission says companies in China accomplished that with the help of subsidies all along the chain of production, from cheap land for factories from local governments to below-market supplies of lithium and batteries from state-owned enterprises to tax breaks and below-interest financing from state-controlled banks.

The rapid growth in market share has sparked fears that Chinese cars will eventually threaten the EU's ability to produce its own green technology needed to combat climate change, as well as the jobs of 2.5 million workers at risk in the auto industry and 10.3 million more people whose jobs depend indirectly on EV production.

Subsidized solar panels from China have wiped out European producers -- an experience that European governments don't want to see repeated with their auto industry.

Unusually, the commission acted on its own, without a complaint from the European auto industry. Industry leaders and Germany, home to BMW, Volkswagen and Mercedes-Benz, have opposed the tariffs. That's because many of the cars that will be hit with tariffs are made by European companies, and China could retaliate against the auto industry or in other areas.

How is China reacting?

Beijing has been sharply critical of the investigation and the higher duties as protectionist and unfair.

The Commerce Ministry has also launched anti-dumping investigations into European exports of brandy, pork and dairy products. Earlier this month, it announced provisional tariffs of 30.6% to 39% on French and other European brandies, after EU member countries voted in favor of finalizing the tariffs on EVs.

Officials have also said that they are weighing whether to raise tariffs on imports of gasoline-powered vehicles with large engines.

Talks between the two sides focused in recent weeks on so-called "price commitments" as a possible resolution. In such a scenario, carmakers would agree to a minimum selling price for their EVs in Europe.

Some Chinese automakers are looking at making cars in Europe to avoid any tariffs and be closer to the market. BYD is building a plant in Hungary, while Chery has a joint venture to build cars in Spain's Catalonia region.

How do the EU tariffs compare to ones announced by the U.S.?

The Biden administration is raising tariffs on Chinese EVs to 100% from the current 25%. At that level, the U.S. tariffs block virtually all Chinese EV imports.

That's not what Europe is trying to do.

EU officials want affordable electric cars from abroad to achieve their goals of cutting greenhouse gas emissions by 55% by 2030 -- but without the subsidies EU leaders see as unfair competition

The planned tariffs are aimed at leveling the playing field by approximating the size of the excess or unfair subsidies available to Chinese carmakers.

European countries subsidize electric cars, too. The question in trade disputes is whether subsidies are fair and available to all carmakers or distort the market in favor of one side.

What does this mean for European drivers and carmakers?

It's not clear what impact the duties will have on car prices. Chinese carmakers are able to make cars so cheaply that they could absorb the duties in the form of lower profits instead of raising prices.

Currently, Chinese carmakers often sell their vehicles overseas at much higher prices than in China, meaning they are favoring profits over market share, even given their recent market gains. Five of BYD's six models would still earn a profit in Europe even with a 30% tariff, according to Rhodium Group calculations.

BYD's Seal U Comfort model sells for the equivalent of 21,769 euros ($23,370) in China but 41,990 euros ($45,078) in Europe, according to Rhodium. The base model of BYD's compact Seagull, due to arrive in Europe next year, sells for around $10,000 in China.

While consumers might benefit from cheaper Chinese cars in the short term, allowing unfair practices could eventually mean less competition and higher prices in the long term, the commission argues.

___

Moritsugu reported from Beijing.

Continue Reading...

Popular

Nuclear Energy Stocks Are Hot: Here's A List Of Tickers To Watch

Nuclear energy-related stocks have taken off following major announcements from Google and Amazon as the tech industry turns to nuclear energy to power AI data centers.

A failed mic leaves Donald Trump pacing the stage in silence for nearly 20 minutes

DETROIT (AP) — paced his rally stage in silence for nearly 20 minutes Friday night in Detroit after his microphone cut out.

Tesla Execs Are Freaking Out - Ad

You might not believe what you're about to see is real, but I assure you the video has been left unedited. It's so revolutionary that tech giants like Microsoft, Amazon, and NVIDIA are all lining up to get their hands on it. And Elon Musk has completely restructured Tesla to chase this opportunity.

Microsoft fires employees who organized vigil for Palestinians killed in Gaza

Microsoft has fired two employees who organized an unauthorized vigil at the company's headquarters for Palestinians killed in Gaza during Israel's war with Hamas.

Brazil reaches $23 billion settlement with mining firms over 2015 environmental disaster

SAO PAULO (AP) — federal government on Friday reached a multibillion-dollar settlement with the mining companies responsible for a 2015 dam collapse that the government said was the country's

Costco Gold Mania - Ad

They sell out "within a few hours" of going online, says Costco's CFO. And more than 77% of Costco stores have completely sold out as well. Despite the clear mania in gold... according to the gold experts at Stansberry Research, there's an EVEN BETTER way to invest in gold, without rushing to Costco to buy gold bars.

Bezos Faces Newsroom Rebellion Over Decision To Kill Washington Post Harris Endorsement

The Washington Post's surprise decision not to endorse a candidate for president for the first time in four decades has resulted in internal discord and the resignation of a senior editor at the traditionally Democratic newspaper.

McDonald's agreed to Trump event but insists it isn't endorsing a presidential candidate

McDonald’s Corp. agreed to at a Pennsylvania store over the weekend but stressed that it isn’t endorsing a candidate in the U.S. presidential race.

The 7th Trillion Dollar Company? - Ad

There are six American companies worth over $1 trillion. Could there be a seventh soon? This company signed a massive deal with Apple until 2040 and is also involved with Nvidia, Google, and Samsung. Could this be the next trillion-dollar company? A top stock expertpicker thinks so.

UK Drug Deaths Reach Historic Highs As Advocates Urge Reform, Harm Reduction Policies

UK drug-related deaths hit record highs in 2023, sparking urgent calls for policy reform and harm reduction to combat this escalating crisis.

America's Enemies Set to Unleash -- WFD -- Weapon of Financial Destruction - Ad

In the coming months, America will face a weapon unlike any other -- a Weapon of Financial Destruction (WFD). Our enemies are ready to use it to collapse our economy, freeze our financial systems, and ruin the lives of millions. But this didn't come out of nowhere -- it's all part of a greater plan that was foretold in ancient prophecy.

Iranian Hackers Leak Stolen Emails From Trump's 2024 Campaign Ahead Of Nov. 5 Election: Report

The hacking group, identified as Mint Sandstorm or APT42, was previously indicted by the U.S. Justice Department for alleged election interference.

Don't Tell ANYONE About This Altcoin (Until It Pops)... - Ad

Quiet now! This governance token could be the sleeping giant of the crypto world... In the next bull market, this "DeFi 2.0" powerhouse might soar 10x... 50x... perhaps even 100x.

Apple Secures Victory In Masimo Patent Dispute With Token Damages Of $250

A Delaware jury has ruled in favor of Apple in a patent infringement case against Masimo, awarding Cupertino a symbolic $250 in damages.

AST SpaceMobile Stock Is Rising After Hours: What's Going On?

AST SpaceMobile shares are trading higher in after hours Wednesday after the company announces it secured an initial contract with the Space Development Agency as a prime government contractor.

Forget Nvidia, Apple, Tesla, and Google - Ad

Market Wizard Larry Benedict: "Forget 99% of stocks: It's possible to make all the money you need for a happy retirement with just this one."

Allies hope a Trump win changes the system for mortgages. Some warn it will make them pricier

If Donald Trump wins the presidential election, Republicans a longstanding GOP goal of privatizing the mortgage giants Fannie Mae and Freddie Mac, which have been under government control since the Great Recession.

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House - Ad

Former advisor to the CIA, the Pentagon and the White House Jim Rickards just released this shocking new video exposing Democrats' secret plan to keep Trump out of the White House... Even if he wins the election. See the details and learn how to prepare... Because this could trigger the biggest constitutional crisis in our nation's history.

Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet 'Leaning Into The Living Room Experience'

YouTube, the video platform Google acquired for $1.65 billion in 2006, has generated $50 billion in combined advertising and subscription revenue over the past four quarters, marking a milestone in its evolution from a user-generated content site to a major streaming player.

Biden admin to provide $750 million to North Carolina-based Wolfspeed for advanced computer chips

WASHINGTON (AP) — The Biden-Harris administration announced plans Tuesday to provide up to $750 million in direct funding to Wolfspeed, with the money supporting its new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York.

Prepare for President Kamala - Ad

I won't be voting for her. Even so, I'm worried VP Kamala Harris could pull off a victory and become our next president. And it would be much worse than anything you might expect--especially when it comes to your money. Because likely WON'T get a second chance at recovering the money you stand to lose if she takes power.

Colorado accidentally put voting system passwords online, but officials say election is secure

DENVER (AP) — Voting system passwords were mistakenly put on the Colorado Secretary of State's website before being spotted and taken down, but the lapse did not pose an immediate threat to the , said state election officials Tuesday.

Voters in Liechtenstein withdraw state funding from the country's public radio broadcaster

BERLIN (AP) — Voters in Liechtenstein have voted to withdraw state funding from the tiny country's public radio broadcaster, a decision that leaves the station's future in doubt.

Man Who Predicted Trump Win Issues Shocking New Election Prediction - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

This 22-Year Wall Street Loophole Was Finally Exposed - Ad

Would you like to start collecting crypto payments almost instantly? I'm talking about payments hitting your account as early as tonight. All thanks to a secret loophole off-limits to all but the Wall Street Elite for 22 years. All you need is a cell phone or laptop and as little as $50 bucks to get in on the action.

Elon: Tesla Is a Robotics Company Now - Ad

Elon Musk's new plan for Tesla's future has nothing to do with electric cars... TechRadar reports it "will blow your mind..." & McKinsey says it "will shape the coming decade." We recently got our hands on a video clip detailing this breakthrough.

Brad Garlinghouse Defends Ripple Co-Founder's Donation To Kamala Harris While Top Crypto Analyst Throws XRP 'Securities' Jibe

Brad Garlinghouse, the CEO of Ripple Labs, underscored the significance of engaging with candidates promoting pro-cryptocurrency policies, irrespective of political affiliations.

Google ad change could affect millions of small businesses

NEW YORK (AP) — Google is changing the way its Google Local Services ads work, which could affect millions of small businesses.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

CVS workers reach tentative contract agreement after weekend strike

LOS ANGELES (AP) — The unions representing more than 7,000 CVS workers in Southern California have reached a tentative agreement on a contract after workers went on strike over the weekend demanding better pay, staffing, and more affordable healthcare.

Kamala Harris Could Trigger a 50% Stock Collapse - Ad

Former CIA advisor who predicted President Trump's win in 2016 has an urgent Election Warning for ALL Americans. Most Americans are missing this...Kamala Harris and her progressive goons could trigger a 50% stock collapse, the final demise of the dollar, and even violent riots.

Salesforce Launches Agentforce, Redefining AI In Business With Autonomous Solutions

Salesforce introduces Agentforce, a new feature that uses advanced reasoning to create autonomous AI agents capable of performing tasks and improving customer experiences. Companies like OpenTable, Saks, and Wiley are already seeing productivity boosts.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service