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Why Countries Are Desperate To Defend Their EV Industries - Bloomberg Podcast
Jul 5, 2024
The European Union this week moved ahead with plans to impose provisional tariffs on electric vehicles imported from China that would raise rates to as high as 48%, a step likely to escalate trade tensions with Beijing. The EU move follows a US decision to impose a 100% duty on EVs from China, though shipments are currently close to zero. Canada last month said it’s weighing tariffs as well. While China has threatened to retaliate, the EU’s comparatively well-off consumers represent an important outlet for domestic EV makers battling overcapacity. So why are so many countries taking aggressive action to protect their electric vehicle industries? Craig Trudell, Bloomberg’s Global Automotive Editor joins Stephen Carroll to explain.
Here's Why: Where we take one news story and explain it in just a few minutes with help from our experts at Bloomberg.
The European Union this week moved ahead with plans to impose provisional tariffs on electric vehicles imported from China that would raise rates to as high as 48%, a step likely to escalate trade tensions with Beijing. The EU move follows a US decision to impose a 100% duty on EVs from China, though shipments are currently close to zero. Canada last month said it’s weighing tariffs as well. While China has threatened to retaliate, the EU’s comparatively well-off consumers represent an important outlet for domestic EV makers battling overcapacity. So why are so many countries taking aggressive action to protect their electric vehicle industries? Craig Trudell, Bloomberg’s Global Automotive Editor joins Stephen Carroll to explain.
Here's Why: Where we take one news story and explain it in just a few minutes with help from our experts at Bloomberg.