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Juan Roig Valor
Martes, 29 de octubre 2024, 13:06
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The time is running out for the European Union and China to reach a trade agreement that prevents tariffs on electric cars from the Asian country. In the worst-case scenario, for SAIC Motor - the parent company of MG - the rates could rise up to 43.5%.
According to Bloomberg, both parties are considering a commitment to minimum prices by Chinese producers or investments in Europe as an alternative to tariffs. To date, eight rounds of negotiations have already taken place, but "significant differences" remain.
"Officials agreed that further technical negotiations would take place shortly," said the Commission after a video call between the EU's trade chief, Valdis Dombrovskis, and China's Commerce Minister, Wang Wentao.
Both politicians reaffirmed their commitment to finding a solution that ensures fair conditions in the EU market and is compatible with World Trade Organization rules.
China urged the EU two weeks ago not to conduct separate negotiations with companies, warning that this would "shake the foundations" of the negotiations.
However, China is pressuring its car manufacturers to halt their expansion in Europe, according to the agency. Beijing is instructing manufacturers to stop actively seeking production sites in the region and signing new agreements, and generally maintain a low profile.
The state-owned Dongfeng Motor Group Co. has already halted its plans to manufacture cars in Italy, according to sources familiar with the decision who chose to remain anonymous.
China's directive—which is not a mandatory order—could intensify trade war tensions. In response to European tariffs, China has threatened to impose its own tariffs on dairy products, brandy, pork, and European cars, which are highly valued in the country's upper echelons.
Although Dongfeng Motor told Italian officials that Rome's support for EU tariffs was the reason for its change of decision, Beijing sees the potential overcapacity caused by an uneven transition to electric cars in the community market, as well as the low demand for Chinese cars, as a threat.
In any case, the measure is a setback for Prime Minister Giorgia Meloni, who has tried to attract more car manufacturing to the country, while local manufacturer Stellantis, parent of Alfa Romeo and Fiat, reduces its production.
Not only is Dongfeng acting more cautiously. Chongqing Changan Automobile, a state-owned automaker, canceled an event to launch its brand in Europe scheduled for this week in Milan, as negotiations on tariffs are still ongoing.
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