Politics
The “war” between Europe and China begins, it is Xi Jinping's revenge
Jakarta, CNBC Indonesia -China seems to want immediate revenge on Europe. This was after the region imposed tariffs on electric vehicle imports from China, triggering a trade war between the two sides.
On Friday (05/07/2024), the Xi Jinping government officially launched new steps in an anti-dumping investigation into brandy imports from Europe. Launch ReutersChina's Ministry of Commerce (Kemendag) has announced that it will hold a hearing on July 18 to discuss allegations by European brandy producers that they are selling their products to China at prices below market prices.
“The European brandy companies involved include Martell, Société Jas Hennessy & Co., Remy Martin and other stakeholders,” the page reads.
On Thursday, a Chinese commerce ministry spokesman stressed at a news conference that Brussels and Beijing must remain at the negotiating table before the bloc confirms tariffs of up to 37.6% on Chinese-made electric vehicles. The prospect of retaliation remains in reference to another investigation into EU pork imports.
China has already repeatedly asked the EU to cancel its tariffs on electric vehicles, expressing its willingness to negotiate. Beijing says it does not want to get involved in a new tariff war, but will take all measures to protect its country's companies.
There is a four-month window during which electric vehicle tariffs are temporary. Intensive negotiations are expected to continue between the two sides as Beijing threatens widespread retaliation.
Hitting suckling pigs and European cars
Meanwhile, China is currently conducting a second investigation into pork shipments from the 27-nation bloc. Journal The Global Times The government-backed company also reported that authorities were also considering opening an anti-subsidy investigation into imports of European milk and imposing tariffs on large gasoline engines produced in Europe.
Analysts said China highlighted the elements because they were linked to France and Spain, among the strongest supporters of the European Union restrictions. The hope is that the two will join countries like Germany, which has rejected tariffs on Chinese imports of electric cars, given that its automakers made a third of their sales last year in China and would like to pressure the Commission to stop the tariffs.
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